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Nabors, Occidental, Baytex, Ensign notes trade up; Chesapeake Energy active; CBL softens
By Cristal Cody
Tupelo, Miss., Jan. 14 – Energy bonds climbed in distressed secondary trading on Thursday in tandem with stronger oil prices.
“Energy is going up,” a market source said. “At the end of the day, in the energy market, supply is hard to come by for distressed investors.”
Oil and gas drilling contractor Nabors Industries Ltd.’s 7½% notes due 2028 (Caa1/CCC+) traded up 2½ points to 80 bid.
Occidental Petroleum Corp.’s 4 5/8% senior notes due 2045 (Ba2/BB-) climbed more than 2 points to trade better than 93¾ bid, yielding over 5%.
Canadian energy companies also were higher in secondary trading, a market source said.
Calgary, Alta.-based oil and gas explorer Baytex Energy Corp.’s 8¾% senior notes due 2027 (B3/B+) rose more than 3½ points to 77 bid.
The 9¼% senior notes due 2024 (Caa2/CCC+) from Calgary, Alta.-based oilfield servicer Ensign Energy Services, Inc. rose 3½ points to 71¼ bid on Thursday.
Separately, Chesapeake Energy Corp.’s distressed notes softened about 1 to 2 points in light trading Thursday after the company’s plan to exit bankruptcy was approved on Wednesday, sources report.
Meanwhile, CBL & Associates LP’s distressed paper was heavily traded on Wednesday and Thursday, a market source said.
The 5.95% notes due 2026 softened more than 1 point to 37¼ bid.
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