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Fresh Market takes a tumble; oil and gas names remain strong as crude gains
By Stephanie N. Rotondo
Seattle, Sept. 27 – Activity in the distressed debt market picked up on Wednesday, though without any fresh news to act as a catalyst.
And, after Tuesday’s largely positive day, distressed bonds were finishing the midweek session with more of a mixed tone.
One trader noted that Fresh Market Inc.’s 9¾% note due 2023 “can’t get out of its own way,” as the debt dropped “almost 5 points” in “very active” trading.
The notes closed at 62¾, according to a trader.
Still, there was no news to cause the weakness in the name, which has been slowly trending lower ever since Amazon took over Whole Foods.
Meanwhile, there continued to be strength in the energy space.
A trader said Sanchez Energy Corp.’s 6 1/8% notes due 2023 jumped 2½ points to 86.
California Resources Corp. was meantime marginally better, according to a trader.
The trader pegged the 8% second-lien notes due 2022 at 65¼ and the 6% notes due 2024 at 45 3/8.
However, another market source deemed the 8% notes a point better at 65¾.
In Denbury Resources Inc. paper, a trader said the 4 5/8% notes due 2023 firmed 3½ points to 53¼.
The oil and gas arena was again helped by rising domestic crude oil prices, which were buoyed on Wednesday by the latest report from the U.S. Energy Information Administration.
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