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Distressed debt trading muted as week ends; Frontier paper remains weak; energy space down
By Stephanie N. Rotondo
Seattle, Aug. 18 – As the week came to an end, a distressed debt trader said the trend was the same as it had been for days: New high-yield issues.
And without any news to cause moves in the distressed space, most of the day’s dealings were centered on go-to names.
For instance, Frontier Communications Corp. was active yet again, as the bonds continued to decline.
A trader called the benchmark 11% notes due 2025 down almost a point at 83¾.
The 10½% notes due 2022 meantime lost 1½ points, closing at 86¾.
A second market source deemed the 7 5/8% notes due 2024 half a point lower at 77 bid.
Petsmart Inc. – a name that has been on the radar since last week when the company announced the resignation of its chief executive officer – was also under pressure on the day.
The 8 7/8% notes due 2025 waned a point to 86¾.
In the energy space, Denbury Resources Inc.’s 5½% notes due 2022 dipped a quarter-point to 51, a trader said.
Though there was no fresh news out on Friday, Denbury did announce that it had cuts its workforce by 15% on Wednesday.
The reduction went into effect on Aug. 10.
EP Energy LLC posted heftier losses than Denbury, however. The company’s 8% notes due 2025 were called 2 points weaker at 67½, while its 9 3/8% notes due 2020 softened almost as many points to 75½.
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