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Distressed bonds remain subdued as Houston, North Korea eyed; Fresh Market continues to retreat
By Stephanie N. Rotondo
Seattle, Aug. 29 – A distressed debt trader said the market was “quiet again” on Tuesday.
“Everybody is focused on what is going on in Houston and North Korea,” he said.
For its part, Houston is suffering from flooding in the wake of Hurricane Harvey, a Category 4 storm that made landfall over the weekend. As for North Korea, the markets got spooked early in the day on reports the country had shot a missile that barely missed the northern point of Japan.
In distressed dealings, recently topical issues continued to be on the radar.
Fresh Market Inc.’s 9¾% notes due 2023 were “down a little bit more,” a trader said, seeing the issue trading with a 75 handle.
He called that off half a point.
The grocer’s debt – as well as the grocery space at large – has been reeling since Amazon announced that it was cutting prices at Whole Foods. The internet-based retailer wrapped its acquisition of the specialty store on Monday, and the price changes immediately went into effect.
Meanwhile, Murray Energy Corp.’s 11¼% second-lien notes due 2021 also continued to lose ground, according to a trader.
The trader saw that paper declining 2 points to 58.
Elsewhere in the energy realm, California Resources Corp.’s 8% second-lien notes due 2022 managed to end “a little bit better,” a trader reported.
He pegged the notes in a 54¼ to 54¾ range.
“I can’t say that there were a ton of other [energy names] trading,” he added.
At another desk, a market source saw Denbury Resources Inc.’s 6 3/8% notes due 2021 slipping a point to 54½ bid.
As for domestic crude oil prices, they were only slightly lower on the day, as the market assessed the damage from Harvey.
West Texas Intermediate crude fell 20 cents to $46.37 a barrel.
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