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Coal space rebounds from previous week; Quiksilver, 21st Century weaken; Caesars active, soft
By Stephanie N. Rotondo
Phoenix, Aug. 4 – The coal space was active within the distressed debt market on Monday, and most names were rebounding from the previous week.
Alpha Natural Resources Inc.’s 6¼% notes due 2021 were up nearly a point at 63¾, according to a trader. He also saw the 6% notes due 2019 at 66¼, half a point better on the day.
In Arch Coal Inc. paper, the 7¼% notes due 2021 put on half a point to end at 63¾, as the 7¼% notes due 2020 increased a point to 65½.
The 7% notes due 2019 closed almost a point higher at 67½.
Though most coal names were stronger as the day came to a close, Walter Energy Inc.’s 8½% notes due 2021 were not.
A trader said the debt was off about a point at 47 1/8.
Elsewhere, some names were finishing lower, but amid very light liquidity.
A trader said Quiksilver Inc.’s 10% notes due 2020 fell 1½ points in a single round-lot trade to 85. 21st Century Oncology Inc. was also softer in a single trade, ending the day at 80½.
The trader said that was off “almost 3½ points” from Friday levels.
Caesars Entertainment Corp.’s 9% notes due 2020 slipped a quarter-point to 82¾, a trader said, noting that the name was active. The trader also pegged the 11¼% notes due 2017 at 86¼, off just a touch from the previous week.
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