Chesapeake Energy up on gathering agreement; Getty Images quiet; Fannie, Freddie advance

By Stephanie N. Rotondo

Phoenix, Sept. 8 – It was a “generally upbeat day” in the distressed debt market, a trader reported Tuesday.

“Some things traded up with the market,” a second trader said, adding that there “wasn’t a ton of volume.

“People are getting back from a long weekend,” he noted.

Chesapeake Energy Corp. was topical for the day, as the Oklahoma City-based oil and gas company announced a new gas gathering agreement with the Williams Cos.

Not as topical, however, was Getty Images Inc., despite news the company was gearing up for a $100 million debt issue.

“I think that news has already got to be in the market,” a trader said, noting that the company had indicated that such issuance was likely during a conference call in early August.

A trader said he had not seen any of the 7% notes due 2020 trade, but added that the paper had been offered at 80 at the end of August.

A preferred stock trader said that Fannie Mae and Freddie Mac paper might pick up ground this week, as the discovery process in a lawsuit against the federal government is slated to conclude at the end of the week.

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