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Junk: Hilton prices; Stena at a premium; DISH tanks; EchoStar gains; Tenneco hits new height
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 10 – Hilton was in the spotlight on Wednesday in the junk bond primary market, with one deal still on the calendar before the weekend.
Meanwhile, it was a firm day in the secondary space as the market awaits the Thursday release of the Consumer Price Index report.
With markets firmly focused on Thursday’s macro data, topical news was the driving force of secondary market activity on Wednesday with DISH Network Corp. the name of the day.
DISH’s senior unsecured notes issued by DISH DBS Corp. tanked in heavy volume after the company announced an asset shuffle that placed the company’s unencumbered wireless spectrum licenses outside of the reach of the credit.
However, DISH Network’s 11¾% senior secured notes due 2027 (B2/B) held up well amid the slaughter while its soon-to-mature 5 7/8% senior notes due Nov. 15, 2024 gained.
The news was also a boon to EchoStar Corp.’s 6 5/8% senior notes due 2026 (B2/CCC+) which rose following the announcement.
In other news, Tenneco Inc.’s 8% senior secured notes due 2028 (B1/B) also continued their strong upward momentum with the notes hitting new heights in heavy volume.
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