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Cliffs bonds weaken as iron prices fall; OAS probed in graft investigation, debt declines
By Stephanie N. Rotondo
Phoenix, Nov. 18 – The distressed debt market was weaker Tuesday, though with little news to act as a catalyst.
There were, however, some names that were getting moved around by news. Cliffs Natural Resources Inc. saw its bonds decline as iron ore prices fell to a five-year low. OAS SA – a Brazilian engineering and construction company – meantime saw its debt plummet amid accusations of graft.
Even RadioShack Corp. was deemed softer, though the company was said to have made a coupon payment that came due on Monday.
A trader said the 6¾% notes due 2019 fell 4 points to 38.
Elsewhere, oil and gas exploration and development names remained under pressure as oil prices dropped over 1% on the day.
West Texas Intermediate crude oil fell $1.28, or 1.69%, to $74.36 per barrel. Brent crude dropped 88 cents, or 1.11%, to $78.43 per barrel.
In that space, Paragon Offshore plc’s 6¾% notes due 2022 were seen declining 1½ points to 61½, while the 7¼% notes due 2022 lost 4 points, closing around 62.
Private producer Samson Investments Co. saw its 9¾% notes due 2020 slipping over a point to 69, according to a trader.
And in CGG SA paper, the 6½% notes due 2022 dipped half a point to 82½ and the 6 7/8% notes due 2022 held steady at 83.
CGG provides seismic data services to the oil and gas industry.
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