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Commodity-related bonds stay under pressure to end week; Getty Images weakens, AMD holds
By Stephanie N. Rotondo
Phoenix, July 24 – Distressed commodity-linked bonds remained weak Friday, though actual commodities were mixed on the day.
Oil prices remained depressed, but gold saw a bit of a rally.
A trader noted that the week’s slumping commodity sector “dragged down” First Quantum Minerals Ltd.’s debt.
In the oil arena, a trader said California Resources Corp.’s 6% notes due 2024 were “pretty active.”
Chesapeake Energy Corp. meantime continued its descent. Those bonds have been on the decline since the company announced it was cutting its stock dividend earlier in the week.
And, Halcon Resources Corp.’s 8 7/8% notes due 2021 fell half a point to 50½, but its 9¾% notes due 2020 rose a quarter-point to 51¼.
As the markets weakened on a commodity slump, even non-commodity related names were feeling the pain.
A trader said Getty Images Inc.’s 7% notes due 2020 were off 10 points over the course of the week, though he had heard no news that would account for the decline.
Meanwhile, Advanced Micro Devices Inc.’s bonds were “still active but for the most part unchanged,” according to one trader.
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