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Distressed debt trading takes a breather at week’s end; Endo bonds trade active, but unchanged
By Stephanie N. Rotondo
Seattle, July 14 – The distressed debt market was muted going into the weekend.
Most bonds that were on the active side were unchanged to only slightly better, market sources reported.
Endo International plc’s 6% notes due 2023 dominated the day, a trader said, but with only 13 trades taking place.
“That was the big trader, so that gives you an idea” of how slow Friday’s session was, he said.
The trader said the paper was a touch higher, trading at 84 7/8.
Another trader said the paper was “pretty active, but not really moving.”
He placed the notes in an 84½ to 84¾ range, which he deemed “about unchanged.”
Meanwhile, Frontier Communications Inc.’s 11% notes due 2025 were “not nearly as active” as they had been, according to a trader.
He also said the bonds were “probably pretty much sideways to maybe slightly better.”
He saw the notes around “89-ish.”
Another trader pegged the paper at 89 1/8, up over half a point.
Another semi-active name was EXCO Resources Inc.
One trader noted that the 8½% notes due 2022 “haven’t traded in quite awhile.” However, they were “definitely lower from where they had last been trading.”
He opined that perhaps a seller had come in and “pushed the market down.”
He saw the issue in a 57 to 58 context.
At another desk, a trader said the bonds were 3½ points weaker at 57½.
As for Intelsat SA, it “keeps creeping higher,” a trader said.
The name had started to move up on Thursday on chatter the “LuxCo” bondholders were discussing the possibility of reviving a merger with OneWeb LLC.
The merger was scuttled in June after bondholders were not swayed by an exchange offer – even after the company tried to sweeten the deal.
In Friday trading, the 5½% notes due 2023 were seen up a quarter-point at 84½.
That level was echoed at another desk as well.
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