Intelsat Jackson rallies; iHeartCommunications rises on upgrade; Freeport up, Murray down

By Colin Hanner

Chicago, Feb. 13 – It was more of the same as trading resumed on Monday in the distressed market, with focus continuing to be in tune with regular high-yield issues, though a distressed name ticked higher as its earnings announcement approaches.

Satellite telecommunications Intelsat Jackson Holdings SA was “higher across the board” during the session, a trader said, as four series of distressed notes posted multi-point gains.

“I guess the space is better in general,” a trader said of why there were such sharp increases, while another trader said there may be heightened trading because of earnings expectations next week.

In addition to the Jackson-held notes, Intelsat Luxembourg Holdings SA saw a small bump in one series of its distressed notes, a trader said.

Media company iHeartCommunications, Inc. ticked higher in two series of notes on a session where one of the major ratings agencies lifted the company’s rating.

Gold, silver and copper producer Freeport-McMoRan, Inc. was up in one of its long-term notes, a market source said.

“Metals have been on a nice little run here,” the source said.

In the exploration and production sector, movement was mixed, though two offshore marine transportation companies were up on the session.

A pair of chemical companies were up modestly on the session, Navios Maritime Holdings, Inc. was largely unchanged, Murray Energy Corp. traded down on “a bunch of trades,” a market source said, and several idiosyncratic names traded.

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