Quiet day capped by Avaya activity; Intelsat rises; Bonanza down post-settlement; E&P up

By Colin Hanner

Chicago, Jan. 26 – The pouring of earnings didn’t bring the equity markets from a lull on Thursday, and that was much of the same story in distressed-land, traders said, with some of the most active issues mirroring names from previous sessions, though in lower overall activity.

Among them, Avaya Inc. was the most actively traded issue, a trader said, but on the overall it “wasn’t that active at all.” Trading was mixed on the session for two sets of its notes.

Down the list, Intelsat Jackson Holdings SA and Intelsat Connect Finance SA continued their trek north in several notes that were up several points, a recent upswing that followed a downward trend in recent sessions.

After it reached a settlement in relation to its bankruptcy claims on Thursday, Bonanza Creek Energy, Inc. fell slightly in one of its issues, mirroring the downward movement seen in the company’s equity stock on the day.

Hospital group Community Health Systems, Inc. were strong again on Thursday, seeing a boost in one set of its bonds.

Offshore drillers, including Noble Corp. and Pacific Drilling SA, continued to see gains after a series of executive orders by President Trump late Tuesday fueled confidence that his administration would be supportive of the exploration and production sector. Oil futures rallied, as well.

Retailer Neiman Marcus Group, Inc. stepped out of the spotlight for the session, trading tightly from the previous session, as did iHeartCommunications, Inc.

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