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Toys ‘R’ Us trades actively, better; 21st Century Oncology rebounds; NII bonds firm
By Stephanie N. Rotondo
Phoenix, July 22 – Toys “R” Us Inc.’s bonds were edging higher in Tuesday’s distressed debt market, though there did not appear to be any fresh news to act as a catalyst.
One trader said the 7 3/8% notes due 2018 rose a quarter-point to 77¼, while the 10 3/8% notes due 2017 gained almost a point to 86½.
However, another market source pegged the 7 3/8% notes at 76¾ bid, down a point on the day.
The name was also one of the more actively traded names under the distressed umbrella, taking that title from 21st Century Oncology Inc.
21st Century’s debt continued to be volatile, however, though liquidity thinned out a bit. A trader said the 9 7/8% notes due 2017 regained 11 points to close at 66½.
“That’s quite a volatile little number there,” he said of the issue.
The bonds were rising throughout the day, opening around 63 and moving up to eventually close with a 66 handle, according to another market source.
The source saw the issue finishing Monday’s session at 55.
In NII Holdings Inc., those bonds were firmer on the day, but like Toys “R” Us and 21st Century, there was no real news to drive the gains.
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