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Distressed/underperforming market quiet; energy names mixed, Neiman Marcus, Staples up
By Paul Deckelman
New York, Nov. 21 – For a second consecutive session, things were generally quiet on Tuesday in the market for distressed debt and the bonds of otherwise underperforming companies and sectors, in line with a generally quieter session in the broader high-yield bond market in the run-up to Thursday’s Thanksgiving Day holiday break in the United States, when the debt markets there will be closed.
Energy issues were something of a mixed bag, even as world crude prices strengthened after having moved lower on Monday.
EP Energy Corp.’s bonds were active, with some up and others down. Denbury Resources Inc. paper gained, while SM Energy Co. and Southwestern Energy Co. were off on the day. Offshore oilfield transportation company Bristow Group was also lower.
Among the retailing names, Neiman Marcus Group Ltd. LLC’s paper firmed solidly in active trading after the upscale department store and catalog retailer reported quarterly numbers and held an upbeat conference call.
And Staples Inc. was particularly firm in very active dealings, though there seemed to be no fresh news out on the office-supply retailer.
In the communications cluster, domestic wireline operators Frontier Communications Corp. and Windstream Holdings, Ltd., wireless operator Sprint Corp., European cable and broadband provider Altice SA and communications satellite company Intelsat Jackson Holdings SA were all seen better on the day.
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