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Distressed bonds gain as week begins, Brexit fears ease; commodity-linked debt leads pack
By Stephanie N. Rotondo
Seattle, June 20 – The distressed debt market was “quite firm today with this lesser chance of a Brexit,” a trader said Monday.
Without any news to help push things around, distressed investors focused on commodity-linked bonds. Overall, commodities were seen improving with domestic crude – it jumped nearly 2.5% to $49.15 a barrel. A weakening dollar was also helping to prop the space up.
A trader said diversified mining company Teck Resources Ltd. was “quite a bit higher” on the day. He saw the 6¼% notes due 2041 rising 3 points to 72½. The 4¾% notes due 2022 were off of the intraday high, but “still up 3 points” at 83¼.
Also in the mining space, Freeport-McMoran Inc. debt incurred decent gains, as a trader said the 3.55% notes due 2022 firmed “almost 3 points” to 86 3/8. The 5.45% notes due 2043 ticked up 4 points in “pretty active trading” to close at 78, the trader said.
The 3 7/8% notes due 2023 were called 3½ points better at 85.
Among steelmakers, AK Steel Holdings Corp.’s 7 5/8% notes due 2020 jumped 4½ points to 94½, as United States Steel Corp.’s 6.55% notes due 2037 held steady at 66½, according to market sources.
In the oil and gas arena, Chesapeake Energy Corp.’s 6 5/8% notes due 2020 were pegged at 76 bid, up almost 3 points. Denbury Resources Inc.’s 6 3/8% notes due 2021 added a deuce, closing at 69½ bid.
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