NII, Caesars bonds remain busy, depressed; PDVSA debt rises in active trading; liquidity muted

By Stephanie N. Rotondo

Phoenix, Nov. 22 - Distressed debt investors remained focused on a handful of names in Friday trading, according to traders.

NII Holdings Inc.'s bonds continued to weaken in moderate trading. One trader said the 11 3/8% notes due 2018 linked to NII International Telecom SCA traded around 85, while the 7 5/8% notes due 2021 dropped "about a point" to 43.

Another trader called the 7 5/8% notes off over a point at 431/4. He also saw the 8 7/8% notes due 2019 a point softer at 461/2.

Caesars Entertainment Corp.'s 10% notes due 2018 meantime fell a point to 47, according to a trader.

Among other distressed issues, iPayment Inc.'s 10¼% notes due 2018 rose over a point to end at 781/2.

Despite a generally firmer tone to the marketplace, Friday's session saw muted action in the distressed debt universe.

"It was a slower day for the most part," one trader said.

"There wasn't that much activity," said another trader.

PDVSA gains ground

Petroleos de Venezuela SA was active and higher as the week came to a close.

A trader said there were "tons of trades" in the 8½% notes due 2017, which ended "up close to a point" at 821/4.

At least $60 million of the bonds changed hands.

The trader also saw the 9¾% notes due 2035 put on a deuce to close at 72 and the 9% notes due 2021 gained 2½ points, ending at 741/2.

On Thursday, the Venezuelan-based state-owned oil producer said its January to September revenues were nearly $87 billion.

The company - which uses revenues to help prop up the nation's social programs - will make investments of $25 billion by year's end.

On Friday, the company announced that it would be pushing to increase development within the Orinoco heavy oil belt.

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