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Callon, PBF, Ensign, Nine Energy notes lower; Telesat down; Credito Real plunges
By Cristal Cody
Tupelo, Miss., Jan. 28 – Distressed energy bonds went out mostly lower on Friday in light secondary action.
Callon Petroleum Co.’s junk paper was “moving a lot,” a source said.
Callon’s 8% senior notes due 2028 (Caa2/B/B) dropped 2½ points to 101½ bid.
PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B-) were down less than ¼ point at 70¼ bid by the close.
W&T Offshore Inc.’s 9¾% senior secured notes due 2023 (Caa2/B) traded modestly weaker at 97½ bid, about ¾ point lower from a week ago, a source said.
The 9¼% senior notes due 2024 (Caa2/CCC) from Ensign Drilling Inc. were quiet after trading on Thursday at the 95¾ bid area, about ¼ point lower on the week.
Bonds from Nine Energy Service, Inc. and KLX Energy Services Holdings Inc. have mostly quieted over the back half of January.
Meanwhile, 99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa2/B-) were quiet after drifting lower on Thursday to near the 76¼ bid area.
Telesat Corp.’s 6½% senior notes due 2027 (Caa1/B) recovered about 1¾ points to 61¼ bid but went out about 5¾ points lower on the week.
Credito Real SAB de CV’s paper plunged over the week with the 8% senior notes due 2028 (B-/B-) trading at 30 bid on Friday, down from around 50 bid on Monday.
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