Deutsche Bank rises on merger talk; Consolidated Communications lower after downgrade

By James McCandless

San Antonio, March 11 – Distressed trading started a new week with modest trading and no clear focus following the end of the bulk of earnings season.

Deutsche Bank AG’s notes were on the rise Monday after news broke that it had agreed to preliminary talks to merge with a competitor.

Elsewhere, Consolidated Communications Holdings Inc.’s issues declined following a ratings downgrade late Friday.

Sector peer Intelsat SA’s paper was mixed, coming off of a week of negative attention.

PG&E Corp.’s notes were negative amid reports of potential changes to California’s utility regulator.

A rise in oil futures led to similar movement for Chaparral Energy, Inc. and Alta Mesa Resources, Inc.’s issues while California Resources Corp.’s paper ended mixed.

Meanwhile, Ferrellgas Partners LP’s notes also closed mixed one trading day after releasing its latest earnings report.

Rite Aid Corp.’s issues dipped amid continuing turmoil in retail.

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