Distressed oil and gas bonds slip ahead of data; Chemours’ debt moves higher; AMD down

By Stephanie N. Rotondo

Phoenix, Oct. 14 – The distressed debt market ended with a softer tone Wednesday, due in part to an oil and gas market that continued to lag.

For its part, domestic crude oil prices came in a touch during the session as the market waited to see what the latest weekly reports from the American Petroleum Institute and the U.S. Energy Information Administration had to say.

The API report was slated to be released after the market closed, and the EIA report was scheduled for Thursday.

California Resources Corp.’s 6% notes due 2024 were deemed “very active” but a point weaker at 68. Another trader said the issue dropped 1½ to 2 points, ending with a 67 handle.

Chesapeake Energy Corp. was also lower, with a trader pegging the 5¾% notes due 2023 at 70½ and the 4 7/8% notes due 2022 at 70.

A second source saw the 6 5/8% notes due 2020 at 75½ bid, down nearly a point on the day.

Chemours’ bonds improved during the session, though there was no fresh news to act as a catalyst.

“The bonds were up a couple points, but I didn’t see any particular news,” a trader said.

Meanwhile, Advanced Micro Devices Inc. is expected to report its latest quarterly results after the market closes on Thursday.

Ahead of the earnings, the Sunnyvale, Calif.-based chipmaker’s bonds were weakening.

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