Distressed bonds end heavy; SandRidge notes stay busy, weak; Community Choice debt down

By Stephanie N. Rotondo

Phoenix, May 18 – It was a down day for the distressed debt market, much as it initially was for the broader markets.

But while the broader markets managed to end with a firm tone, the distressed space had no such luck.

SandRidge Energy Inc. remained an active name, as investors continued to react to news from last week regarding a private debt-for-equity swap.

While that news was initially taken well, since then the bonds have been under pressure.

Elsewhere in the oil and gas sector, a trader dubbed Key Energy Services Inc.’s 6¾% notes due 2021 “the most actively traded bond in distressed.”

He said the notes fell “almost a point” to end around 70.

Energy XXI’s 8¼% notes due 2018 were meantime a point weaker at 71½.

Community Choice Financial Inc. is slated to hold a quarterly conference call on Tuesday to discuss its latest results.

Ahead of the call, the Dublin, Ohio-based bank’s 10¾% notes due 2021 were taking hits, according to a trader.

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