Deutsche Bank higher despite negative headlines; PG&E better after settlement

By James McCandless

San Antonio, June 19 – The distressed debt space saw attention swirl around several news-making names on Wednesday.

Deutsche Bank AG’s notes ended higher despite negative headlines surrounding a money laundering probe and reorganization efforts.

Meanwhile, in utilities, PG&E Corp.’s issues were better after reaching a $1 billion settlement with public entities over wildfire claims.

Telecom name DISH Network Corp.’s paper declined as the company nears an agreement to buy out Sprint and T-Mobile wireless assets.

Sector peer Digicel Ltd.’s notes finished negative amid an ongoing dispute concerning its Antigua and Barbuda operations.

In energy, oil futures saw a slight dip while Superior Energy Services, Inc.’s issues headed upward, California Resources Corp.’s paper was mixed and EP Energy Corp.’s notes fell.

Manufacturer United States Steel Corp.’s issues were better, riding recent optimism of a potential U.S.-China trade deal.

Retailer Neiman Marcus Group, Inc.’s paper was trailing.

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