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Distressed bonds push up; coal names gain; Caesars unchanged to higher; NII Holdings holds in
By Stephanie N. Rotondo
Phoenix, June 17 – Distressed debt was firm going into Tuesday’s close, but with no real news to drive the market, liquidity was moderate to light.
The coal sector saw a modest rise, pretty much across the board. One trader said Walter Energy Inc.’s 9 7/8% notes due 2020 closed up half a point at 60.
Arch Coal Inc.’s 7¼% notes due 2020 were also ending half a point better at 73½. The 7¼% notes due 2021 were a touch higher at 72.
Another market source called Alpha Natural Resources Inc.’s 6¼% notes due 2021 half a point stronger at 71¼ bid.
Caesars Entertainment Corp. was also on the rise, for the most part.
A trader said the 10% notes due 2018 – the issue the Las Vegas-based casino operator received a notice of default on earlier this month – closed up half a point at 40¼.
However, he said the 12¾% notes due 2018 were unchanged at 47.
A second trader said the 11¼% notes due 2017 were “fairly active” and “up about a point,” trading with a 91 handle.
Meanwhile, NII Holdings Inc.’s 10% notes due 2016 were pegged at 31¼ at one desk, up almost a point.
The 7 5/8% notes due 2021 were seen holding steady at 28½.
But another source said the debt was “all pretty much unchanged.”
He saw the 10% notes around 31, the 7 5/8% notes around 28½ and the senior notes – such as the 11 3/8% notes due 2019 – at 87 bid, 88 offered.
In the retail arena, however, gains were few and far between.
The Gymboree Corp.’s 9 1/8% notes due 2018 fell nearly a point to 71¾, according to a trader.
That same trader said Toys “R” Us Inc.’s 7 3/8% notes due 2018 dropped a quarter-point to 77¾, while the 10 3/8% notes due 2017 fell almost 1½ points to 85¼.
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