Mexican Paper Meets Scissors

Mexican Paper Meets Scissors

Bonds

Bonds in Mexican paper and packaging company Corporacion Durango have tumbled into the low 40s – implying a high probability of default – down around 40% since the start of July. Distressed experts are heard positioning in the $520m 10.5% of 2017 – which was sold at par in October 2007 – in the hopes of a snap back or ample recovery if the company defaults. It was quoted at 42.75-43.75 Monday, up slightly from 42.50-45.00 Friday, in sporadic flow. The dive from the mid-70s July 1 is attributed t

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