Distressed market activity lackluster ahead of holiday closure; NII ticking up; Caesars mixed

By Stephanie N. Rotondo

Phoenix, April 17 - The distressed bond market was shutting up shop early on Thursday ahead of the Good Friday closure.

One trader said new high-yield issues continued to be active, but aside from that, there was little in the way of secondary dealings.

However, NII Holdings Inc.'s 7 5/8% notes due 2021 were seen moving higher, trading with a 27 handle, according to a trader.

The trader said that was "up roughly another point" from Wednesday, when the issue had moved up to a 26 to 27 context.

He also noted that the issue hit a low tick of 24 during the week.

There has been no fresh news out on the Reston, Va.-based company that provides Nextel mobile phone service in Mexico and Latin America.

Meanwhile, a trader said Caesars Entertainment Corp.'s 8½% notes due 2020 were "active, but a little bit lower" around 821/2.

However, the "opco" bonds - the 10% notes due 2018 - were deemed nearly a point higher by another source who pegged them at 45½ bid.

As for the Las Vegas-based casino operator's new $675 million issue of 9 3/8% notes due 2022, they were seen at par bid, par ¼ offered, which compared to par 1/8 bid, par 3/8 offered previously, according to anther market source.

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