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PetSmart slides more, Mattel off, telecoms, energy issues mixed; Oasis converts hammered
By Paul Deckelman
New York, Dec. 12 – PetSmart Inc.’s paper continued to be the big story in the distressed debt market on Wednesday, as the embattled specialty retailer’s beleaguered bonds resumed their painful parade downward, suffering big losses in active trading for a third straight session.
Elsewhere among the issues from underperforming companies and sectors, Mattel Inc. continued to lose ground following Monday’s ratings downgrade, with all three major agencies having now booted the toymaker out of investment grade and into junk territory, even as it shops a new $1 billion bond issue.
Wireline telecommunications names were mixed, with CenturyLink, Inc. and Windstream Services seen better, but Frontier Communications Corp. again on the downside.
Ditto for energy credits, with sector bellwether name California Resources Corp. continuing to trade strongly, while sector peers MEG Energy Corp. and Denbury Resources Inc. were lower.
In the convertibles market, another energy credit –Oasis Petroleum Inc.’s 2023 paper – continued its downward spiral during Wednesday’s session, losing another 2 points after a 6-point drop on Tuesday. There was a large sell-off of stock on Tuesday as investors responded negatively to the petroleum company’s $946 million acquisition of acreage in Texas’ Delaware Basin.
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