AK Steel ends mixed; Intelsat ‘active’ on possible asset sale news; iHeart Media bounces

By Stephanie N. Rotondo

Phoenix, Sept. 23 – The distressed debt arena remained weak Wednesday, though there were a few names that managed to trend higher.

“Some stuff that got whacked yesterday [amid a broader market sell-off] came back” in midweek trading, according to one trader.

The trader also noted that volume was lower given that “a good part of our trading brethren were out” for the Yom Kippur holiday.

In the world of commodities, AK Steel Holdings Corp. paper traded all over the place following the previous day’s declines. The bonds came under pressure on Tuesday as steel prices dropped on new data that showed output was slowing.

On Tuesday, the World Steel Association put out a report that showed global steel output had declined 3% in August, the fourth consecutive months of declines. Among domestic producers, output was off 10%, due in part to cheaper imports flooding the market.

Intelsat SA bonds were meantime coming in after it was reported that the company had hired advisors to explore potential asset sales.

A trader said the name was “a little more active” on the news.

As for the some of the day’s gainers, iHeart Media Inc. was one that “bounced,” according to a trader. However, there was no news to spark the rebound.

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