Murray Energy gains for second straight session; Intelsat, iHeart up; MDC Partners rises

By Colin Hanner

Chicago, Feb. 15 – Several issues were lifted in the distressed market on Wednesday, traders said, in line with an equity market that continues to set new records, and a private coal company mirrored substantial gains from the previous session.

“Murray [Energy Corp.] is really trading bajillions every day,” a trader said, referring to the one distressed issue that saw another multi-point gain on the session.

The St. Clairsville, Ohio-based coal company jumped on Tuesday after Foresight Energy – a company Murray Energy has a 50% limited partner interest in – announced preliminary quarterly earnings.

In other parts of the market, “a lot of stuff continues to rally,” another trader said, pointing to telecommunications satellite company Intelsat SA, which nearly rose across the board in several bonds.

Following the trend, iHeartCommunications, Inc. was up but traded tight, a trader said.

Perhaps the biggest gainer of the day was New York-based advertising and marketing holding company, MDC Partners Inc., which climbed into regular high-yield levels after it was announced that Goldman Sachs Group Inc. will invest $95 million into the company.

The bonds, as well as MDC’s stock, soared on the day, a trader said.

On the same day the Commerce Department said retail sales rose in January and President Trump met with several retail chief executive officers, Neiman Marcus Group, Inc. traded down, but was not very active, a market source said.

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