Mattel, Intelsat, California Resources drop in high-volume activity

By Abigail W. Adams

Portland, Me., Oct. 26 – Distressed debt names continued to see light trading volume on Friday as volatility roiled equity markets and credit spreads continued to push out, a market source said.

However, some names were active although they were losing ground in the high-volume activity.

Mattel, Inc.’s 6¾% senior notes due 2025 (B1/BB-/BB) were again in focus and trading down in the secondary space after the toy manufacturer reported earnings.

Intelsat’s junk bonds were also losing ground in active trading with the satellite communications provider slated to report earnings next Tuesday.

California Resources Corp.’s junk bonds also dropped with crude oil futures down in intra-day trading and in the run up to the company’s third-quarter earnings report, which is scheduled for Nov. 1.

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