| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for OGX Petroleo e Gas Participacoes SA > News item |
Distressed bonds rise with stocks, good news about Syria; Alcatel Lucent keeps grinding higher
By Stephanie N. Rotondo
Phoenix, Sept. 10 - The distressed debt market was ticking up again on Tuesday, even amid a continuing focus on new high-yield bond issues.
"The stock market was stronger; the news was better," one trader said, referring to a new Russian proposal that could help the U.S. avoid military action in Syria. "There sure was a big rally across the board."
Alcatel Lucent SA's 6.45% notes due 2029 climbed up further during the session, with one trader deeming the debt up almost 2 points around 83.
Another trader also pegged the bonds around the 83 mark. The securities have been inching upward since it was announced last week that the Paris-based telecommunications firm had won a contract to build out a wireless network for Spain's Telefonica.
Meanwhile, another trader said Overseas Shipholding Group Inc.'s 8 1/8% notes due 2018 and its 7½% notes due 2024 were "up a little bit" at 90, though he didn't see any news to act as a catalyst.
Emerging market names also remained of interest to investors. Petroleos de Venezuela SA was again on the firm side, rising about a quarter-point to a half-point on the day.
A trader placed the 8½% notes due 2017 at 91 5/8, the 5¼% notes due 2017 at 81¼ and the 9% notes due 2021 at 82.
He noted that the 5 3/8% notes due 2027 were steady around 581/2.
Brazil's OGX Petroleo e Gas Participacoes SA was meantime seeing "much higher bids," a trader said, quoting the 8½% notes due 2018 at 18½ bid, 19½ offered.
In the Mexican homebuilding space, Desarrolladora Homex SAB's 9¾% notes due 2020 rose 1½ points to 251/2, a trader said. Corporacion Geo SAB de CV's 9¼% notes due 2020 pushed up a point to around 20.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.