Distressed paper higher as yields drop; WW bonds improve; DISH climbs; AMC gains

By Cristal Cody

Tupelo, Miss., April 29 – Overall secondary market action stayed fairly subdued with under $130 million of distressed paper traded just ahead of the close on Monday with a focus on new issues.

Some of the most active distressed names were logging volumes in the $4 million to $6 million range.

Despite the lighter supply, distressed paper mostly improved with bonds trading around ¼ point to more than 1 point better by late afternoon.

WW International Inc.’s 4½% senior secured notes due 2029 (Caa1/CCC+) climbed 1¼ points to 42¼ bid and were trading around 5 points better since last week, a source said.

DISH DBS Corp.’s paper bounced higher in the secondary market following reports bondholders filed a lawsuit on Friday against the issuer.

The 5¾% senior secured notes due 2028 (Caa1/CCC) climbed 1½ points to 67½ bid on $6 million of volume in the name’s most active tranche, a source said.

AMC Entertainment Holdings, Inc.’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) added ¾ point to a quote of 69½ bid in the first session after the company posted preliminary first-quarter results.

Market tone was positive ahead of the Federal Reserve’s rate decision due Wednesday and the April jobs report on Friday.

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