iHeart, Intelsat boosted by ‘bottom feeding,’ ‘short covering’; Claire’s Stores retreats

By Stephanie N. Rotondo

Seattle, Dec. 1 – A distressed debt trader said Tuesday’s session was “a slow start to December.”

However, whether by “bottom feeding” or “short covering,” a second trader saw a couple names rebounding.

iHeartMedia Inc., for instance, “rallied a good bit in some of the more beaten down issues,” the trader said.

He pegged the 14% notes due 2021 at 29 and the 10% notes due 2018 at 41.

At another desk, a trader said the 14% notes rose 3 points to 28 5/8, while the 10% notes gained 4 points, closing at 42.

The trader also saw the 9% notes due 2022 moving up 4 points to 73.

Intelsat SA was another name that was recovering a bit, at least in the lower part of the capital structure, a trader said.

“The seniors weren’t any higher,” he noted. “I feel like it’s just short covering or bottom feeding.”

The trader said the 7¾% notes due 2021 improved to 44 from lows in a 38 to 39 context on Monday. The 6¾% notes due 2018 meantime ended at 71, which compared to 65 to 66 previously.

Another trader said the 7% notes due 2021 inched up half a point to 83¼.

Claire’s Stores Inc.’s 9% notes due 2019 traded “down a good 5 to 6 points” on Tuesday, following the company’s latest quarterly results.

“Bad earnings,” a trader said.

The trader placed the notes in a 70 to 71 range.

© 2015 Prospect News.
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