CalRes slides in busy trading, but energy credits mixed; Rite Aid firms; Frontier falters

By Paul Deckelman

New York, Nov. 13 – The market for distressed debt and the bonds for recently underperforming companies and sectors was something of a mixed bag on Monday, traders said, even as the broader high-yield bond market remained under pressure, with market indicators falling and daily outflows from junk-rated mutual and exchange traded funds, a proxy for overall market liquidity trends, continuing to swell.

Oil and natural gas–related issues, for instance, were seen mixed, with sector bellwether California Resources Corp.’s notes down a full point on market-leading volume and EP Energy Corp. also lower, while Denbury Resources Inc. paper moved up.

Among the retailers, Rite Aid Corp. firmed on solid volume, with traders citing an easing of market concerns about competition from internet giant Amazon.com

Telecommunications names were mixed, with Frontier Communications Corp. continuing to take its lumps, but CenturyLink Inc. seen better on the day.

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