High yields in distressed territory; Charter in focus, mixed; Occidental Petroleum eyed

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 23 – While the unprecedented stimulus from the Federal Reserve activated new deal activity in the high-grade market, it did little to assuage high-yield investors with the pipeline for new deal activity still cold on Monday.

The cash bond market as a whole remained in distressed territory on Monday, sources said.

While the secondary space continued to struggle, volume remained light with large liquid issues and higher credit quality names in focus.

Charter Communications Inc.’s senior notes continued to see active trading with the company’s split-rated secured notes making gains while its junk-rated notes traded off.

Occidental Petroleum Corp.’s senior notes remained in focus with the notes again trending lower in high-volume activity.

While volume was light, fellow fallen angel Kraft Heinz Co.’s 4 3/8% senior notes due 2046 were on the rise on Monday.

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