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J.C. Penney, RadioShack boosted by firmer market tone; NII strong; Caesars, TXU steady
By Stephanie N. Rotondo
Phoenix, Feb. 6 - It was a mixed day for distressed credits on Thursday, filled with recently topical names.
With the broader markets inching higher, some names managed to push upward as well. J.C. Penney Co. Inc., for instance, saw its bonds close with a firmer tone, after getting hit in the last couple of sessions following a disappointing same-store sales report.
One trader said the 6 3/8% notes due 2036 edged up a touch to 65 1/8, while the 5.65% notes due 2020 closed up nearly half a point at 69. Another market source pegged the latter issue at 68½ bid, up 1½ points on the day.
Even fellow retailer RadioShack Corp. was stronger, its 6¾% notes due 2019 ending the session at 62, a gain of over 2 points, according to a trader.
"They gained fairly significantly," he said, though he noted that trading in the name was limited.
Continuing to gain strength were NII Holdings Inc.'s bonds. A trader saw the 7 5/8% notes due 2021 rising a point to 46, as the 10% notes due 2016 ticked up a little to 67.
Other issues were holding steady on the day, such as Caesars Entertainment Corp.'s 10% notes due 2018, which were deemed unchanged at 491/2. Momentive Performance Materials Inc.'s 11½% notes due 2016 were also seen unchanged at 731/4.
Energy Future Holdings Corp.'s 10¼% notes due 2015 also held in at 5 5/8. That issue is linked to Texas Competitive Electric Holdings Co. LLC.
Meanwhile, the coal space remained weak on continued concerns about falling metallurgical coal prices.
Walter Energy Inc.'s 8½% notes due 2021 fell almost a point to 70¼ and its 9 7/8% notes due 2020 dropped 1½ points to close at 731/4, a trader said.
Arch Coal Inc.'s 7% notes due 2019 lightened up nearly a point, finishing the session around 761/4.
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