Trading volume light; Intelsat slips; Hi-Crush active; California Resources drops

By Abigail W. Adams

Portland, Me., Oct. 23 – The distressed debt space saw another session of light trading volume on Tuesday with any issue at levels of 70 or below seeing only a handful of trades, a market source said.

However, California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were active with the notes dropping alongside oil futures after the launch of Saudi Arabia’s investment conference.

While less active, Sanchez Energy Corp.’s 6 1/8% senior notes due 2023 were also moving down alongside broader markets.

High beta names were down ¾ point with the market seeing one of the sloppiest days in the past few weeks, a market source said.

Hi-Crush Partners LP’s 9½% senior notes due 2026 continued to see high trading volume with the notes giving up their previous gains and dropping in the wake of the company’s third-quarter earnings report.

Intelsat Jackson SA’s 8½% senior notes due 2024 dipped in high-volume activity on Tuesday as the company’s negotiations with the Federal Communications Commission over rules for C-band reallocation to 5G networks continue.

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