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DISH Networks’ bonds dropped sharply across the curve, by over 6 points. DISH recently completed its merger with Echostar. Echostar yesterday unveiled a series of “strategic transactions to further unlock incremental strategic, financial and operating flexibility for its business”. Under the deals, DISH has transferred certain of its wireless spectrum licenses under the umbrella of a newly formed subsidiary, EchoStar Wireless Holding. Loans valued at ~$4.7bn have also been reassigned and amounts owed will now be paid by DISH to an EchoStar subsidiary.