| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Toys 'R' Us Inc. > News item |
California Resources, Denbury gain ground as oil prices rise; Petsmart trades up; Toys in decline
By Stephanie N. Rotondo
Seattle, Oct. 5 – Given the flurry of new high-yield issues that have priced during the week, the distressed debt market was on the muted side on Thursday.
Still, there was a generally positive tone to the day.
Oil names, for instance, pushed up as crude oil prices once again ticked up over the $50-mark.
A trader said California Resources Corp.’s 8% second-lien notes due 2022, for instance, rose 1¼ points to 64¼.
Another trader placed the issue “around 64.”
Yet another source pegged the bonds at 64½, up a quarter-point.
Denbury Resources Inc. was also better, with a trader calling the 5 ½% notes due 2022 up 3½ points to 60.
Another source deemed the Denbury 6 3/8% notes due 2021 2 points higher at 63.
Domestic crude oil improved nearly 1.5% on Thursday, as chatter of an extension on OPEC’s production cut agreement increased.
The commodity’s increase was also helped by a larger-than-expected drawdown in U.S. crude stockpiles. The Energy Information Administration reported on Wednesday that crude inventories fell by 6 million barrels last week, over four times the amount Wall Street expected.
Furthermore, Tropical Storm Nate is gaining strength in the Gulf of Mexico and is expected to turn into a hurricane by the weekend. This puts oil production and refinery work in harm’s way yet again.
In the retail space, Petsmart Inc.’s 8 7/8% notes due 2025 added over 2 points in Thursday trading, though there was no fresh news to act as a catalyst.
A trader pegged the paper at 81½.
Bankrupt Toys’R’Us Inc., however, was on the weaker side.
Again, there was no fresh news out to cause the decline.
At one desk, a trader said the 7 3/8% notes due 2018 fell 2 points to 30.
At another shop, the bonds were called a point weaker at 31½.
© 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.