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Oil and gas bonds better despite oil price dip; coal remains soft; Fannie, Freddie gain
By Stephanie N. Rotondo
Phoenix, May 1 – The distressed debt marketplace was subdued Friday as investors turned their eye toward the high-yield new issue market.
However, there continued to be a focus on commodity names.
In particular, the oil and gas sector remained on an upward trajectory, even as oil prices faded slightly.
SandRidge Energy Inc.’s 7½% notes due 2021, for instance, were seen rising over 2 points to 71¼ by one trader.
That trader remarked that the issue was “the most active in the distressed world.”
Even Halcon Resources Corp.’s bonds were better – or at the very least, unchanged – despite getting downgraded by Standard & Poor’s.
In the coal arena, bonds continued to be weak.
For its part, West Texas Intermediate crude fell 29 cents to $59.34 a barrel, as Brent crude drifted down 20 cents to $66.58.
Oil prices started to retreat Friday as the dollar gained strength and Iraq reported record-high exports for April.
Fannie Mae and Freddie Mac preferreds continued to see some action Friday following the release of disappointing stress test results on Thursday.
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