Distressed market gains for second day; iHeart busy, better; mining, coal continue rally

By Stephanie N. Rotondo

Phoenix, Oct. 21 – Distressed bonds continued to gain ground on Tuesday, continuing the trend from Monday and reversing course from most of the previous week.

Following that trend, coal and mining names continued to climb higher. Those names had been beaten down quite a lot last week and are now in recovery mode.

Other names and sectors were simply benefiting from the positive tone, as there was no fresh news to act as a catalyst.

A trader said that there was “tons” of trading in iHeart Communications Inc. paper.

“They were up 3 to 4 points, at least,” he said.

The mining sector remained on an upward course Tuesday, as the space looked to erase losses from the previous week.

Caesars Entertainment Corp. was another gainer, with the 9% notes due 2020 inching up a touch to 76½.

The 10% notes due 2018 put on nearly a point to close around 17.

There was meantime “heavy volume” in Avaya Inc.’s 10½% notes due 2021, which gained over 3 points to close at 88¼, according to a trader.

In NII Holdings Inc. debt, the 10% notes due 2016 improved over 2 points to 29½, as the 7 7/8% notes due 2019 earned nearly 2 points to 64 1/8.

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