Energy names off as crude fall resumes; Windstream struggles again; Penney pops on numbers

By Paul Deckelman

New York, Nov 10 – Traders in distressed debt and the bonds of other underperforming saw another mostly down market on Friday, in line with an overall retreat seen in the broader high-yield bond market.

Energy issues such as California Resources Corp., MEG Energy Corp. and EP Energy Corp. were all down as world crude oil prices reverted to their losing ways Friday after strengthening on Thursday.

Telecommunications operator Windstream Holdings Inc.’s recently priced secured notes issue continued to trade multiple points below its already discounted issue price and its existing notes were also lower.

But several names recently under pressure were seen better on Friday, including J.C. Penny Co. Inc. The retailer’s lately beleaguered notes got a boost when quarterly numbers showed a smaller than expected loss and an unexpected same-store sales gain.

Sprint Corp. notes, recently in retreat after the failure of the wireless provider’s merger talks with rival T-Mobile (US) Inc., were also seen rebounding on the day.

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