Distressed bond market mixed amid muted holiday trading; Caesars gains ground; iHeart, Intelsat slip

By Stephanie N. Rotondo

Seattle, Oct. 3 – The distressed debt arena was trading mixed on Monday, as Rosh Hashanah weighed on market liquidity.

A trader also noted that it being a Monday and the first trading day of the month was not helping.

“Monday plus a holiday equals dreadful,” said one trader.

And without any fresh news to act as a catalyst, most of the day’s activity was mostly centered on typical “on-the-run” issues.

A trader saw Caesars Entertainment Corp.’s 12¼% notes due 2018 add over half a point to close at 63 3/8. A second source placed the 10% notes due 2018 at 63¾ bid, up half a point.

Meanwhile, iHeartMedia Inc.’s 10% notes due 2018 slid a shade to 66. Intelsat SA’s 6¾% notes due 2018 were also slightly weaker at 66½.

There were a couple of unusual names that were trading on Monday.

A trader said Speedy Cash Intermediate Holdings Corp.’s 10¾% notes due 2017 added 3 points to close at 71.

PAC Drilling Co.’s 7¼% notes due 2017 – another name that isn’t often seen trading – finished 1½ points lower at 39.

Also in the oil and gas sector, MEG Energy Corp.’s 7% notes due 2024 were seen rising nearly 2 points to 81½. Denbury Resources Inc.’s 6 3/8% notes due 2021 were also improved, adding over a point to close at 76½.

© 2015 Prospect News.
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