Frontier continues to flail; PetSmart paper again firmer; Fresh Market rebounds

By Paul Deckelman

New York, Dec. 19 – Activity was mostly quiet in the market for distressed debt and bonds of other underperforming companies and sectors on Tuesday, in line with a generally quieter session in the broader high-yield bond market, heading into the traditional year-end lull.

There was considerable activity, however, in Frontier Communications Corp.’s notes, with the wireline telecommunications company’s paper in a familiar position – heading downward on notable volume.

On the upside, Fresh Market, Inc.’s notes, which had been among the major losers on Monday, were seen by traders to have firmed smartly on Tuesday, on brisk volume.

Also in the retailing space, PetSmart Inc.’s notes were seen better for a second straight session.

But Mattel, Inc.’s existing notes were seen lower on the day, reversing Monday’s gains.

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