E&P’s trade tight after oil gains; Endo up after offering announced; Petsmart volume heavy

By Colin Hanner

Chicago, April 10 – It was overwhelmingly quiet in the distressed market on Monday, traders said, with recently priced deals getting the bulk of attention.

“[The high-yield market] is grinding higher,” a trader said. “But like I said, there’s not a lot of notable volume.

“The new [Ultra Petroleum Corp.] and Cedar Fair [LP] deal were the two main things, if anything, that were trading.”

Another trader said that Monday’s action would likely be the peak of the week, as the Passover holiday, paired with the Easter holiday and late spring vacations, would likely account for the lack of activity seen for the remainder of the week. Markets will be closed on Friday for Good Friday.

Though crude oil futures continue to gain, exploration and production companies were largely unaffected by such movement, trading nearly flat in some cases. California Resources Corp. traded higher on the session, while offshore driller Ensco plc was unchanged.

The retail sector was mixed on the session, with L Brands Inc. seeing two of its issues trade with some notable volume behind it

Endo International plc was higher in one of its issues after it announced a $750 million private offering.

Most other issues were trading tight, not going much wider than Phoenix-based pet retailer Petsmart, Inc.’s, which also had “heavy volume,” according to a trader.

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