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Distressed market experiences post-holiday blues; Alcatel-Lucent inches higher; NII dips down
By Stephanie N. Rotondo
Phoenix, Dec. 2 - After the long holiday weekend, trading in the distressed debt space was "muted," according to one trader on Monday.
However, he noted that there were "a bunch of new deals," speculating that "we may see a little more action tomorrow."
Alcatel-Lucent SA's 6.45% notes due 2029 closed the session down from the day's highs, but still up from pre-holiday levels, a trader said. He pegged the issue at 87.
Another market source deemed the debt up almost a point at 87½ bid.
Late last week, Reuters reported that the Paris-based telecommunications company could soon be headed back to the France CAC-40 index, a sign its turnaround efforts are paying off.
The company was a founding member of the index, but was taken off a year ago.
Meanwhile, NII Holdings Inc.'s 8 7/8% notes due 2019 remained depressed in post-holiday trading. A trader saw the bonds falling a deuce to 40.
Another trader said the name was the main focus in all of the high-yield universe, at least away from new issues.
He called the 8 7/8% notes off 1½ points to around 40. He also saw the 10% notes due 2016 at 501/2, which was off 2½ points on the day.
The 7 5/8% notes due 2021 declined over a point to end around 391/2.
In a report published on Monday, Citigroup analyst Lucio Aldworth lowered the company's stock price target to $2 per share from $3 per share.
The analyst also reiterated his sell rating.
Caesars Entertainment Corp.'s debt was also on the weaker side. The 8½% notes due 2020 slipped a touch to 963/4, while the 10% notes due 2018 fell slightly to 46 bid.
Paul Deckelman contributed to this article
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