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Teck Resources debt drops on latest cost-reduction plan; steel names weaken; Kratos flat
By Stephanie N. Rotondo
Seattle, Nov. 18 – Canadian mining company Teck Resources Ltd. was in the news Wednesday after the company announced another round of cost-cutting measures.
As such, distressed debt investors pushed the company’s debt lower.
Among other commodity-related names, Chesapeake Energy Corp. bonds were “still down,” a trader said, even as oil prices rebounded a touch.
The trader called Chesapeake’s 5¾% notes due 2023 off a deuce at 48. The 4 7/8% notes due 2022 meantime weakened 2½ points to 47½.
Another market source placed the 6 5/8% notes due 2020 at 54½, off over 2 points on the day.
California Resources Corp.’s 5½% notes due 2021 were also seen declining, falling “almost 4” [points] to 61, according to a trader.
While Chesapeake and CalRes bonds were down, Linn Energy LLC – which announced a private debt exchange on Friday – was trending mixed.
A trader said the 8 5/8% notes due 2020 improved a point to 24½, while the 6¼% notes due 2019 held steady at 22.
The trader said the 6½% notes due 2019 were also unchanged at 25.
In the steel space, a trader said the sector was “weaker,” seeing U.S. Steel Corp.’s 7 3/8% notes due 2020 falling 4 points to 57.
Kratos Defense & Security Solutions’ 7% notes due 2019 were deemed unchanged at 71 on Wednesday.
On Monday, the bonds dropped to a 65 handle, which compared to levels around 79½ the previous week.
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