Ensco Rowan jumps; energy trends higher; Frontier mixed amid ratings downgrade

By James McCandless

San Antonio, June 26 – At the midpoint of the week, the distressed space shifted focus to energy and telecom tranches.

Ensco Rowan plc’s notes jumped up as the market saw positivity in the name amid rising oil futures and increased investments for offshore drilling.

Elsewhere in the space, Hi-Crush Partners LP and Chaparral Energy, Inc.’s issues followed futures upward as Weatherford International plc’s paper ended mixed.

In telecom, Frontier Communications Corp.’s notes finished mixed as a ratings agency issues several downgrades.

Sector peer Digicel Group Ltd.’s issues fell as the company claims that it has not received a buyout offer from the Antiguan government.

Drugmakers Teva Pharmaceutical Industries Ltd.’s and Mallinckrodt plc’s paper were both pushing higher.

Utilities name PG&E Corp’s notes were under pressure as the company and its creditors propose dueling restructuring plans.

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