Deutsche Bank down as cuts enacted; Hornbeck lower after credit facility announcement

By James McCandless

San Antonio, July 8 – As a new week started in the distressed space, no single industry garnered the market’s focus.

Deutsche Bank AB’s notes declined after the company announced that it would be shuttering its equities trading division and making cuts to its investment banking arm.

Elsewhere, in energy, Hornbeck Offshore Services, Inc.’s issues moved lower after announcing a new senior credit facility.

Amid mixed oil futures, Ensco Rowan plc, Superior Energy Services, Inc. and Weatherford International plc’s paper also saw varied movements.

In telecom, DISH Network Corp.’s notes rose as the company inches closer to buying assets from T-Mobile as part of a divestiture deal.

Sector peer Frontier Communications Corp.’s issues trended positive.

Metals name United States Steel Corp.’s paper was losing amid more publicity over the current trade climate.

Another steel name, AK Steel Holding Corp., saw its notes end mixed.

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