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U.S. Steel mixed after ratings downgrade; PG&E notes lower on bankruptcy development
By James McCandless
San Antonio, Sept. 4 – The Wednesday session in the distressed debt space focused on newsmakers as popular tranches generally moved lower.
United States Steel Corp.’s notes saw varying movements as it received downgrades and analyst cuts.
The 6.65% senior notes due 2037 dropped 6 points to close at 79 bid. The 6¼% senior notes due 2026 improved by ¾ point to close at 88¾ bid.
On Monday, Moody’s Investors Service issued downgrades for the Pittsburgh-based steel manufacturer.
Meanwhile, PG&E Corp.’s issues declined after a bankruptcy court denied the company’s push for a key employee incentive plan.
The 6.05% notes due 2034 shaved off ¼ point to close at 108 bid.
Late Friday, motion for approval of a key employee incentive plan was denied in bankruptcy court, Prospect News reported.
Despite a ratings upgrade for a subsidiary, Navios Maritime Holdings Inc.’s paper continued to move lower.
The 7 3/8% secured paper due 2022 fell 1 point to close at 65 bid.
In telecom, Intelsat SA’s notes recovered somewhat from previous losses.
Intelsat Jackson Holdings SA’s 5½% senior notes due 2023 edged up ¼ point to close at 90¾ bid. Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 gained ¼ point to close at 77¼ bid.
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