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Distressed oil and gas bonds eyed as crude gain continues; Fannie, Freddie preferreds firm
By Stephanie N. Rotondo
Seattle, July 25 – Distressed debt once again took a backseat to high-yield names on Tuesday, given earnings reports from HCA Healthcare Inc. and Seagate Technology plc.
Both results were less-than-stellar.
As for distressed issues, oil and gas bonds remained in focus.
“Oil was up, but it really didn’t do much for the downtrodden” sector, one trader said.
Domestic crude oil prices firmed nearly 3.5% on the day as Saudi Arabia pledged to roll back production.
EP Energy LLC paper characterized the sector’s mixed tone, as a trader saw the 9 3/8% notes due 2020 holding at 85, while the 8% notes due 2025 ticked up a quarter-point to 78¾.
A trader said Denbury Resources Inc.’s 4 5/8% notes due 2023 were off nearly a point at 50¼, though the 5½% notes due 2022 firmed half a point to 53½.
Another trader saw California Resources Corp.’s 8% notes due 2022 rising a point to a 65 to 65½ context.
Fannie Mae and Freddie Mac preferreds continued to climb upward in active trading, though the preferred space as a whole continued to weaken.
Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 25 cents, or 3.65%, at $7.10. The 8.25% series T noncumulative preferreds (OTCBB: FNMAT) were up a dime, or 1.52%, at $6.70.
Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were up 33 cents, or 5.20%, at $6.68.
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