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TXU bonds end mixed as company faces default charges; Solo Cup debt crumbles; OPTI rallies
By Stephanie N. Rotondo
Portland, Ore., Feb. 28 - Month-end activities and a bevy of JPMorgan Chase & Co. conferences this week made for subdued distressed debt trading Monday, though a trader noted that "in general, the world is a lot better."
"It was a nothing-special month-end day," another trader said.
Still, the overall market performed better than it did in the previous week, likely helped in part by gaining equities.
Energy Future Holdings Corp. was the nom du jour as the company fought allegations of default. The news - which first came out on Friday - resulted in mixed trading in the power producer's debt.
Meanwhile, in the no news is not good news department, Solo Cup Co. bonds continued to be in freefall. There hasn't been anything out to explain the recent declines and several traders also said they were clueless as to what was causing the slip.
As the overall market closed with a generally firmer tone, so did OPTI Canada Inc.'s subordinated issues, according to traders. Without any fresh news, the bonds tend to fluctuate with the market.
As for the coming week, trading might remain muted due to the slew of conferences scheduled. JPMorgan's High Yield and Leveraged Finance Conference in Miami goes through Wednesday and two other conferences - the Emerging Market Corporate Conference in Miami and the Capital Goods Blue Chip Forum in Las Vegas - start Wednesday and end Thursday.
Elsewhere in the market, NewPage Corp.'s 10% notes due 2012 were seen ending half a point better at 661/2.
In the autosphere, General Motors Corp.'s benchmark 8 3/8% notes due 2033 were called unchanged at 32½ bid, 33½ offered.
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