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Holidays weighs on distressed debt trading; CRC still active, but steady; telecoms remain weak
By Stephanie N. Rotondo
Seattle, Sept. 21 – There was little movement in the distressed debt market on Thursday, as has been the case of late. However, traders noted that the subdued nature of the space was made worse by the desks that were empty due to Rosh Hashanah.
Even energy names, which saw a big run-up on Wednesday, were barely changed.
One trader said California Resources Corp.’s 8% second-lien notes due 2022 were steady at 61¼.
A second market source echoed that level, but called it half a point lower.
A third source pegged the notes in a 61 to 61½ context, deeming that “sideways” for the day.
There did continue to be downward pressure in the telecommunications space, specifically on Windstream Holdings Inc. and Frontier Communications Corp.
A trader said Windstream’s 7¾% notes due 2021 fell 1¼ points to close at 71. He also saw Frontier’s 10½% notes due 2022 sliding half a point to 84¼, while the benchmark 11% notes due 2025 were steady at 82.
Another trader said Windstream “continues to be weaker,” calling the company’s debt structure off half a point to a full point across the board.
He said the 2021 paper was “pretty active,” finishing in a 71 to 71½ range.
At another desk, Windstream’s 6 3/8% notes due 2023 were seen declining 1½ points to 69¾.
As for the recently bankrupt Toys ‘R’ Us Inc., a trader said the 12% notes due 2021 “bounced back a shade” to trade up a quarter-point to 94¼.
Another trader said the 7 3/8% notes due 2018 were “still trading in a 29 to 30 zip code,” while the 12% notes were “moving up” to a 94 to 94½ context.
Another source saw the 7 3/8% notes at 29½ bid, up half a point.
The Wayne, N.J.-based toy retailer’s bonds are trading flat post-bankruptcy filing, or without accrued interest.
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