Distressed quiet before holiday; Intelsat better; supermarkets end week on the rebound

By Paul Deckelman

New York, Sept.1 – The market for bonds of distressed or underperforming companies was quiet on Friday, traders said, in line with a general lack of activity in the larger junk bond market ahead of the upcoming Labor Day holiday break in the United States.

Traders saw relatively robust volume for so quiet a day in the bonds of communications satellite company Intelsat SA, with those notes heard to have pushed higher.

The traders said that supermarket names such as Albertsons Cos. LLC and SuperValu Inc. were a little firmer on Friday, though on not much volume, and the sector overall, including credits such as Fresh Market Inc., was closing out the week above the lows hit early in the week on the news that retailing giant Amazon.com, the new owner of sector peer Whole Foods Markets, had ordered widespread price cuts at the unit, sparking fears of a potentially destructive price war.

Murray Energy Corp. was also seen closing out the week higher than its recent levels, a trader said.

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