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Endeavour skips interest payments, bonds drop; MHP up on Ukrainian peace hopes; NII falls
By Stephanie N. Rotondo
Phoenix, Sept. 3 – It was another down day for the distressed debt space, but liquidity in the wider high-yield universe was much improved over the past few weeks, a trader said Wednesday.
“$2 billion [in total high-yield trading volume, which includes distressed],” the trader said. “We’re back!”
Endeavour International Corp.’s debt was considerably weaker on the day after the company said it would not make interest payments on three series of notes. Instead, the company said it wanted to engage in talks with creditors to find a longer-term solution for its capital structure.
In the emerging market space, Ukrainian chicken producer MHP SA was on the rise as Russia and Ukrainian leaders prepare for peace talks in Minsk on Friday.
Both sides have expressed optimism that a deal can be worked out. Hostilities in the Ukraine resulted in a temporary shutdown of one of the company’s breeding farms.
Among other emerging market names, Chilean supermarket operator SMU SA’s 7¾% notes due 2020 finished the session at 66, up 1 point from the last trades that took place about a month ago, a trader said.
A trader said NII Holdings Inc.’s bonds were “a bit weaker” on the day, though on no fresh news.
The Reston, Va.-based provider of Nextel mobile services in Latin America and Mexico missed a nearly $119 million coupon payment on Aug. 15, just days after reporting dismal quarterly results and warning of a potential bankruptcy filing.
Upon missing the payment, the company entered into a 30-day grace period. Without a forbearance or some other plan in place, creditors could force the company into a default.
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