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Distressed bonds move back up; Ocean Rig down after numbers; Bombardier debt ticks up
By Stephanie N. Rotondo
Seattle, May 20 – It was a better day for the distressed debt market, after falling for the previous two sessions on concerns about a possible interest rate hike in June or July.
But while the day had a firmer tone, overall activity was subdued, aside from a handful of names.
“There’s not much to report,” one trader said.
Ocean Rig UDW Inc. was one name that got some attention. The Cyprus-based drillship operator posted earnings just before the bell on Thursday. Come Friday, the bonds were trading actively, but unchanged to lower – even though the results beat expectations.
Meanwhile, Bombardier Inc. was also on the busier side – trending unchanged to slightly better – after Canadian Prime Minister Justin Trudeau said aid talks to the struggling aerospace company would continue.
There has been speculation that talks with Ottawan officials have gone sour. Trudeau, in an interview with Reuters, tried to clear up the buzz.
As for the commodity space, a trader said Peabody Energy Corp. was “somewhat active,” seeing the unsecured debt trading “a touch better” at 11½.
Another trader also deemed the unsecureds better, with both the 6% notes due 2018 and 2020 inching up to 11½.
In the oil arena, a trader said California Resources Corp.’s 8% second-lien notes due 2022 were “up a bunch,” trading into the mid-60s.
He called that up “about 4 to 5 points.”
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