Secondary HY: DISH in focus; PROG Holdings improves; Kontoor Brands softens

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 12 – The new issue market remained dormant on Friday following Thursday's Veterans Day holiday.

However, issuance is expected to be vigorous in the week ahead, sources said.

Meanwhile, the secondary space was unchanged on Friday with Treasuries steady after a one-day break.

Volume remained muted with new and recent issues accounting for a majority of the tape.

DISH Network Corp. and DISH DBS Corp.’s new secured notes (Ba3/B+) were in focus with both tranches improved after a weak break on Wednesday.

However, DISH’s existing unsecured paper remained under pressure with the new secured notes pushing them further down the capital structure.

PROG Holdings, Inc.’s new 6% senior notes due 2029 (B1/BB-) also improved with the notes rising to a par-handle.

Kontoor Brands, Inc.’s 4 1/8% senior notes due 2029 (Ba3/BB-) were weaker on Friday after a decent break although they continued to trade at a slight premium to their issue price.

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