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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.
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