Intelsat notes improve on expansion news; retail names in focus; Diebold moves lower

By James McCandless

San Antonio, Oct. 16 – Tuesday trading in the distressed debt market continued to trend downward as the market shifted its attentions to the upcoming third quarter.

Telecom took the lead as Intelsat SA’s notes jumped on the back of recent announcements on expansions in its business.

Elsewhere in the sector, Digicel Group Ltd.’s issues were mixed after the company extended the deadline for its exchange offers. Wind Tre SpA’s paper was active but ended level.

Retail names were mixed. David’s Bridal Inc.’s notes declined after the company missed an interest payment. Rite Aid. Corp. issues slipped while PetSmart, Inc. and Neiman Marcus Group, Inc. saw improvements in their notes.

As potential third quarter results came into focus, Diebold Nixdorf, Inc. paper declined.

In the chemical space, Hexion Inc.’s notes continued to drop.

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