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End of summer weighs on distressed debt trading activity; oil and gas bonds little changed
By Stephanie N. Rotondo
Seattle, Aug. 24 – The summer doldrums continued to weigh on liquidity in the distressed debt market on Wednesday.
“There were no real big movers,” a trader said. “No activity.
“These August days are rough,” he added.
Even distressed oil and gas names were barely moved as domestic crude dropped about 2.72% on the day.
The commodity’s decline came as the U.S. Energy Information Administration said crude stockpiles increased by 2.5 million barrels last week.
Analysts were expecting an 855,000-barrel decline.
Among oil and gas bonds, a trader said California Resources Corp.’s 8% second-lien notes due 2022 were off a quarter-point at 67½. Another trader also pegged the issue at that level, but called it “pretty much unchanged.”
In Chesapeake Energy Corp.’s 8% second-lien notes due 2022, traders deemed the paper steady in a 93¼ to 93½ zip code.
In the broader energy arena, coal producer Peabody Energy Corp. saw its 10% notes due 2022 continuing to rise, adding “another point” to close in a 26½ to 27½ context, according to a trader.
The bonds have been improving in the last week, as the company has announced a string of self-bonding deals.
Away from energy, Intelsat SA’s 7¾% notes due 2021 were “one of the few movers that I saw,” a trader said.
The trader called the debt up “close to a point” at 29¾.
At another desk, a trader said Avaya Inc.’s 7% notes due 2019 dipped a quarter-point to 77¾.
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