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Distressed bonds end session lighter; emerging market names busy; Alpha Natural continues dip
By Stephanie N. Rotondo
Phoenix, July 25 - The distressed debt market "felt weaker still," a trader said Thursday.
The market has "sort of reversed its course" over the last couple of sessions, he said. Between that and a round of new high-yield issues, investors were taking a bit of a breather.
Emerging market names were among the day's most actively traded securities, according to a trader. Specifically, Venezuelan oil company Petroleos de Venezuela SA and Chilean supermarket operator SMU SA were seeing a fair bit of activity.
A trader said PDVSA's 8½% notes due 2017 inched up over half a point to 931/4, while its 9¾% notes due 2035 were "kind of unchanged" at 801/2.
SMU's 7¾% notes due 2020 meantime dipped half a point to 701/2.
On the domestic side, the coal space in general was getting hit again. Alpha Natural Resources Inc. in particular was feeling the burn.
One trader pegged the 6% notes due 2019 at 861/2, down 1¾ points on the day. The 6¼% notes due 2021 were down a like amount at 843/4.
The trader also saw the 9¾% notes due 2018 falling over 1½ points to 1031/4.
At another desk, a trader said the 6¼% notes were "down another point" at 841/2. A third market source also placed the issue at that level, though he called that down by 2½ points.
Also in the sector, Mongolian Mining Inc.'s 8 7/8% notes due 2017 was called one of the day's biggest losers, declining by 3½ points to finish around 66.
There were only a handful of trades in the name, a trader noted.
Caesars Entertainment Corp.'s 10% notes due 2018 were also coming in with the market. A trader called the 10% notes due 2018 off a deuce at 56.
A second source called the issue down a point at 56¾ bid.
Still, Nortel Networks Ltd.'s 10¾% notes due 2016 "keep creeping up," a trader remarked. He saw the issue rising to 1141/2.
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