Debenhams still down in secondary

Debenhams continued to hold into the beginning of August in the loan secondary market, with the company’s B/Cs in a 97-3/4–98 context and the pro rata piece around the 97 mark. Traders reported a few new bidders entering the market, probably as a result of having withheld approvals until the initial rush had passed. Concerns remained, however, with one trader saying that the leads’ tight sell-down strategy retained its influence.

Dresdner sold a small portfolio of names, with Harbourmaster rumoured to be the winner with a bid well north of par. Eutelsat continued its recovery, with As around 98.625 and Bs moving closer to par at 99-1/2–99-5/8. The second lien was quoted in a 99-3/4–10-1/4 context, bringing a smile to the faces of those who picked it up over two points lower on the break.

Sanitec was also popular at 100-1/4 on the As and 101–101-1/2 on the B/Cs, and Saga continued its good run with B/Cs around 101-1/8 and As near the 100-3/8 mark. Amadeus softened, however, dropping around a quarter point to 99-1/4 on the B/Cs and 99 on the pro rata.

SEAT continues to be a popular portfolio play. Strong bidding took the As into a 99-7/8 context and Bs to around 100-1/2–100-7/8. KDG also traded, with B/Cs around 101-1/4, and TdF changed hands in a 101-1/2–101-3/4 context. Last, Autobar As remained around par and New Look B/Cs traded in a 99-1/4–99-3/4 context.

The cable sector in general had a mixed performance, selling off at the start of the week as UPC came under early pressure before rallying by Friday’s close.