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Distressed debt finishes week firm; oil and gas bonds continue climb; mining names also up
By Stephanie N. Rotondo
Seattle, March 11 – The distressed bond market finished the week with a stronger tone, according to market sources.
“Things were grinding a little higher with what stocks were doing,” a trader said.
However, activity in the distressed space was bit subdued.
As for the broader market, its gains were attributed to rising oil prices, as well as continued reaction to the European Central Bank’s stimulus program, which was announced Thursday.
For its part, domestic crude oil rose 1.72% to $38.49 a barrel.
With oil’s rise, distressed oil and gas bonds were also climbing higher.
A trader said Chesapeake Energy Corp.’s 8% second-lien notes due 2022 were on the busier side, trading up “a couple points” to 54.
The trader said that California Resources Corp.’s 8% notes due 2022 were “up a couple points as well,” pegging the issue at 44.
At another shop, a source saw Chesapeake’s 6 5/8% notes due 2020 putting on nearly 3 points to close at 37 bid.
The source also deemed Linn Energy LLC’s 7¾% notes due 2021 over a point better at 5½.
Mining bonds were also gaining ground.
A trader saw FMG Resources Ltd.’s 9¾% notes due 2022 pushing up to “around 102.” Cliffs Natural Resources Inc.’s 8¼% notes due 2020 also popped, finishing at 84, he said.
A second source said FMG’s 6 7/8% notes due 2022 were 1½ points better at 84 bid.
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