Oil and gas bonds drop as OPEC holds production steady; Claire’s debt comes in on earnings

By Stephanie N. Rotondo

Phoenix, June 5 – The latest decision from OPEC to keep its production levels steady didn’t do much to help the distressed oil and gas arena on Friday.

But while distressed energy bonds weakened, oil prices actually managed to rally, even with a stronger dollar.

West Texas Intermediate crude rose 97 cents, or 1.67%, to $58.96 a barrel. Brent crude gained $1.18, or 1.9%, to $63.21.

In addition to the OPEC news – which was widely expected – fresh reports indicated that U.S. rig counts fell by 4 last week, the 26th consecutive week of declines.

Amid all the oil news, a new jobs report from the Labor Department showed improvement.

In May, nonfarm payrolls were up 280,000. Additionally, the report said figures for March and April were revised to account for an additional 32,000 jobs.

That report was given credit for helping the dollar strengthen.

Elsewhere, a trader said Claire’s Stores Inc.’s debt was “a little bit lower after numbers.”

Elsewhere in the retail space, Chino Intermediate Holdings A Inc.’s 7¾% PIK notes due 2019 were “a touch better,” according to a trader, after falling about 3 to 4 points in the previous session on the back of earnings from indirect subsidiary, J. Crew Group Inc.

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