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Diamond Offshore bonds climb; energy names improve; Hertz, Frontier Communications gain
By Cristal Cody
Tupelo, Miss., Jan. 8 – Distressed energy bonds mostly improved in step with oil prices over Friday’s session.
Diamond Offshore Drilling Inc.’s 4 7/8% notes due 2043 rose more than 1 point on the day to 16 bid, a market source said.
The company’s 3.45% notes due 2023 also were trading at 16 bid on Friday.
Houston-based oil and gas drilling contractor Nabors Industries Ltd.’s senior notes also were better on the day.
Nabors’ 5¾% notes due 2025 (Caa2/CCC-) headed up 1¼ points in afternoon trading to 60 bid.
The S&P U.S. High Yield Corporate Distressed Bond index rose 0.61% on Thursday with a month- and year-to-date total return of 2.25%.
In other distressed trading on Friday, car rental operator Hertz Corp.’s 5½% senior notes due 2024 recovered 1 point to 53¾ bid after trading mid-week down 2¾ points, a source said.
Elsewhere, AMC Entertainment Holdings, Inc.’s bonds were up in light trading during the session, a source said.
The theater owner’s 10½% first-lien secured notes due 2025 (Caa2/CCC) pushed up 3 points to 82 bid after trading 6 points higher on Thursday.
Also Friday, Frontier Communications Corp.’s distressed 7 5/8% notes due 2024 improved ¾ point to 53¾ bid, a market source said.
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