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Halcon Resources boosted by exchange news; iron, coal weaker; Fannie, Freddie end mixed
By Stephanie N. Rotondo
Phoenix, April 9 – It was a mixed day for the distressed debt market on Thursday.
The focus continued to be on commodities and that arena was following the trend of the day.
In the oil and gas space, Halcon Resources Corp. was “up a bunch,” according to a trader, after the company announced it had agreed to exchange $116.5 million of its 9¾% notes due 2020 for stock.
The gains coincided with a slight upward move in oil prices.
But while oil and gas names were firming, iron ore and coal were weaker.
Iron ore producer FMG Resources’ 8¼% notes due 2019 fell 3 to 4 points to a 77 to 78 context, a trader said.
Among coal names, Walter Energy Inc.’s 9½% notes due 2019 fell to 56.
“There’s more chatter about a restructuring,” a trader said.
Peabody Energy Corp. was also “off a little bit,” a trader said.
And, Alpha Natural Resources Inc.’s 6¼% notes due 2021 came in half a point to 25½ bid.
Fannie Mae and Freddie Mac preferreds remained actively traded on Thursday, as investors continued to react to news out Wednesday regarding Sen. Charles Grassley and his questions about the government’s decision to take over the agencies’ profits.
But while the preferreds ended the previous session with a firmer tone, they finished Thursday’s session mixed.
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