Looming holiday creates muted climate; OPTI bonds weaken again; Nebraska Book paper gains

By Stephanie N. Rotondo

Portland, Ore., Jan. 14 - A trader in the distressed debt market called Friday's session "kind of a shrug" as another saw a lot of empty desks.

"There was a half-day mood," the second trader said, referring to the days when half-days before holidays - like Martin Luther King Jr. Day on Monday - were the norm. The first trader noted that even with the massive amount of new deals that came over the course of the week, activity was light.

OPTI Canada Inc., however, was one of the day's more active traders. The bonds - which have been seesawing in an about 2-point range for a while - lost about 1 to 2 points in trading. On Wednesday, the company released an update on its Long Lake project.

Meanwhile, Nebraska Book Co. continued to generate interest, though there has been nothing to act as catalyst. The company's debt had fallen as much as 5 points on Thursday but managed to regain a little bit of ground on Friday.

In the gaming realm, Harrah's Entertainment Inc. - now known as Caesar's Entertainment Inc. - was seen as an active credit, though in terms of price, there was little movement.

OPTI Canada debt continued to seesaw, this time losing ground during Friday's session, traders said.

One trader called the 8¼% notes due 2014 about 2 points softer at around 70.

"They've been bouncing between 70 and 72," he said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.