Distressed space ‘dead’; PG&E gains continue; Ensco active

By Abigail W. Adams

Portland, Me., April 18 – Trading in distressed names was extremely light during Thursday’s abbreviated session with many clocking out early for the holiday weekend.

The space was “pretty dead,” a market source said. The light volume made trading levels hard to pinpoint.

While overall volume remained light, some names continued to see activity as they have for much of the week.

Pacific Gas & Electric Co.’s 6.05% senior notes due 2034 continued to see active trading on Thursday despite an overall slowdown in the space with the notes again posting gains.

Ensco plc’s 5¾% senior notes due 2044 were also slightly improved in active trading.

The notes have been in focus following the completion of its merger with Rowan Cos. plc and in anticipation of upcoming earnings.

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