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Intelsat profit narrows, but better than expected; Bombardier flies; oil names get boost
By Stephanie N. Rotondo
Seattle, April 28 – Another round of fresh earnings was helping to push up distressed credits on Thursday.
Intelsat SA announced its first-quarter results, showing a narrower profit year over year. However, the company reaffirmed its annual financial guidance.
A trader said the company’s bonds were mostly higher in response.
The 6 5/8% notes due 2022 experienced “very heavy volume,” adding nearly 5 points to close at 63½. The 7¾% notes due 2021 improved 5 points to 32¾.
Bombardier Inc. also came out with earnings on Thursday, but that wasn’t the company’s biggest news of the day. The company announced that it had received an order from Delta Air Lines for 75 of its CS100 planes – the first major U.S. carrier to order the troubled CSeries line.
Away from earnings, continued gains in domestic crude oil prices resulted in sizeable gains for oil producers.
A trader said Chesapeake Energy Corp.’s 8% second-lien notes due 2022 were “very active,” rising over a point to 69 3/8. The 5¾% notes due 2023 meantime jumped 5 points to 55.
California Resources Corp.’s 8% second-lien notes due 2022 were also better, gaining over 2 points to close at 69.
In Denbury Resources Inc. paper, the 4 5/8% notes due 2023 were seen up 6 points at 59.
Legacy Reserves LP was another gainer. Both the 6 5/8% notes due 2021 and 8% notes due 2020 ticked up 2 to 3 points to close at 32 3/8.
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