Cliffs Natural Resources bonds climb on numbers; iHeart off post-results, Twitter converts slide

By Paul Deckelman

New York, Oct. 28 – Favorable quarterly numbers were driving iron and coal miner Cliffs Natural Resources Inc.’s recently beleaguered bonds solidly higher in very active dealings on Tuesday, distressed debt traders said Tuesday.

However, not-so-favorable numbers were seen as the catalyst for radio and outdoor advertising company iHeartMedia, Inc.’s notes to retreat, also in busy trading.

Recently embattled oil and natural gas-sector bonds such as Quicksilver Resources Inc., Endeavour International Corp., Samson Investment Co. and Sandridge Energy Inc., as well as oilfield services operator Hercules Offshore, Inc., continued to retreat, despite a rebound Tuesday in world crude oil prices, which reached their highest level in nearly a week on expectations that gasoline stockpiles in the United States will show a drop when government figures come out Wednesday.

In the convertibles market, Twitter Inc.’s notes lost several points, falling into the low 90s, in line with a slide in the social media company’s underlying shares, after it posted weak third-quarter user growth and faced a number of downgrades.

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