Vantage, Best Buy, Chemours among busiest junk names; Vantage dives; Dish coming with deal

By Paul Deckelman and Paul A. Harris

New York, Sept. 2 – Some new names made their way to the top of the high-yield Most Actives list on Wednesday, temporarily pushing aside such familiar credits as California Resources Corp. The oil and natural gas operator, usually right up there among the busiest issues in Junkbondland, saw only a relative handful of large trades and eased slightly on the day.

The big name of the day was Vantage Drilling Co., whose bonds fell after Brazil’s state-run energy company, Petrobras, informed Vantage that it was cancelling its contract for one of Vantage’s offshore drilling rigs, alleging an unspecified breach of contract. Vantage denies any such allegation, but its bonds still slid at least 6 points on the news.

Traders also saw a fair amount of activity, this time on the upside, in retailer Best Buy Co. Inc., although they saw little fresh news on the specialty retailer, which did get a ratings upgrade last week.

There likewise seemed to be no fresh news out on Chemours Co., but that chemical manufacturers’ bonds were active, with one issue seen up and another seen down.

The new-issue sphere remained quiet, with no pricings of anything imminent. But syndicate sources heard that satellite broadcaster Dish Network Corp. is readying a giant-sized offering for some time after Labor Day. Its existing bonds were firmer.

Traders said the overall market tone seemed a little stronger Wednesday, though quietly so.

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