California Resources, EP Energy gain as oil goes higher; Valeant ticks up; Hertz quiets

By Colin Hanner

Chicago, June 28 – Though volume remained consistent in the distressed debt market on Wednesday, there was “limited action” in bond movement ahead of the holiday week, a market source said, with recently trending issues remaining in the mix, most notably those in the exploration and production sector.

Oil prices continued to build for the fourth-straight session following a plunge last week, with California Resources Corp. again leading the sector in volume, though it was only up fractionally. EP Energy Corp. followed with a similar gain in one of its issues.

For the third straight session, Valeant Pharmaceuticals International, Inc. saw marginal gains in two of its issues following speculation around a potential debt-equity swap.

Rite Aid Corp. notes remained active and were volatile within a point range, a market source said, with the decision of the Federal Trade Commission looming on its proposed merger with Walgreens Boots Alliance.

Car rental company Hertz Global Holdings Inc. traded, though was “a good bit quieter with not much trading at all” on Tuesday, after two days of activity following rumors of a potential Apple Inc. partnership.

Several one-off names, Windstream Communications Corp. and Hexion Inc. among them, saw some movement on the session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.