CalRes leads energy names upward as crude surge continues; telecom names mostly firmer

By Paul Deckelman

New York, Nov. 22 – Traders saw relatively little activity Wednesday in distressed debt and in the bonds of otherwise underperforming companies and sectors, in line with a generally slow, sleepy and abbreviated session in the broader high-yield bond market, ahead of Thursday’s Thanksgiving holiday break in the United States.

One of the few issues seen trading in any kind of real volume was energy sector bellwether name California Resources Corp., seen up sharply in heavy trading, coinciding with a renewed surge in world crude oil prices.

Other sector names such as MEG Energy Corp. and EP Energy Corp. were likewise seen higher.

There was relatively active trading in telecommunications names such as Europe’s Altice and the domestic Frontier Communications Corp., which were mostly seen continuing their recent firming trend.

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