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Distressed bonds firm up with stocks, liquidity dips; NII debt moves higher; OSG stays strong
By Stephanie N. Rotondo
Phoenix, Dec. 20 - While equities were deemed to be "on fire," there was "not much to speak of" in the distressed debt space on Friday, according to a trader.
"Today felt like a Friday in a Christmas holiday week," another trader said.
Still, there was an up tone to the market.
NII Holdings Inc.'s struggling bonds managed to gain some ground, though there wasn't really fresh news to speak of. Earlier in the week, the company had announced a few management changes that resulted in a sizable equity gain.
One trader said the 7 5/8% notes due 2021 moved up to a 40 to 41 context, while the 10% notes due 2016 put on "about a point" to around 531/2.
Another trader called the 7 5/8% notes a point higher at 40½ and the 10% notes 1½ points better at 561/2.
Meanwhile, there was little to no follow-through in Overseas Shipholding Group Inc.'s 8 1/8% notes due 2018. On Thursday, the company said at a court hearing that it had not only inked a settlement with the Internal Revenue Service, but that it had also received two competing term sheets from creditors.
The news gave the bonds a boost during Thursday trading, but come Friday, they were up a touch in light trading at 1111/2.
Among other distressed credits, Energy Future Holdings Corp.'s 15% notes due 2021 were pegged at 281/2, while Edison Mission Energy's debt - all of which tends to trade on top of one another - were seen at 76.
A trader said the latter issue was "up a quarter or something like that."
And, Exide Technologies Inc.'s 8 5/8% notes due 2018 were "hanging around" 72, which a trader said "pretty much where they were."
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