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Distressed bond market improves; energy space rises despite oil’s decline
By Stephanie N. Rotondo
Seattle, Jan. 5 – There was strength in the distressed debt market, particularly in the energy space, a trader said.
That came even as oil prices fell 2.39% on the day, as tensions between Saudi Arabia and Iran caused concerns about OPEC and its production limits.
Still, it was a positive day for distressed energy names.
Even Chesapeake Energy Corp. benefitted from the day’s tone. A trader said there was “very heavy volume” in the 8% second-lien notes due 2022, which gained nearly 2 points to end at 51. The 3¼% notes due 2016 meantime put on almost a point, closing at 97, as the 4 7/8% notes due 2022 jumped 5 points to 33.
The trader also saw the 5¾% notes due 2023 improving, adding 1½ points to 30½.
A second trader said the new second-liens bounced up “a few points” to trade around 52. A third market source pegged the 6 5/8% notes due 2020 at 33 bid, up over 3 points.
Breitburn Energy Partners LP was another gainer for the day. A trader placed the 7 7/8% notes due 2022 at 19¼, up a deuce. The 8 5/8% notes due 2020 gained a point, finishing at 20.
Denbury Resources Inc. – which recently launched an exchange offer for three series of notes – also ended higher, with its 4 5/8% notes due 2023 pushing up a point to 33, according to a trader.
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