Petsmart ticks higher as most active issue; Gymboree, GulfMark see headlines, no movement

By Colin Hanner

Chicago, April 11 – Trading in the distressed market was tight and not nearly as active on Tuesday as a day prior, a trader said, with the most activity coming out of Petsmart Inc. and recently-priced new issues and with movement not veering too wide.

“It slowed to trickle today,” the trader said of the session’s activity, which is yielding to current and upcoming religious holidays. “And tomorrow will probably look dry compared to today.”

Phoenix, Ariz.-based pet retailer Petsmart was “probably the most active name in the market today,” a trader said, and one of few issues to see movement over 1 point.

Gymboree Corp. and GulfMark Offshore Services Inc. caught headlines on Tuesday – the former for a possible bankruptcy filing, the other likely following suit – though bond movement was nearly nonexistent in both issues, a trader said.

After seeing a sizeable gain on Monday, Endo International plc pared those gains on Tuesday, a trader said.

Idiosyncratic movers tended to make up the rest of the movement, like telecommunications company Frontier Communications Corp., which is “always active,” a trader said, and Intelsat SA, which saw a subsidiary issue inch higher.

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