Occidental notes slip after early tender results; American Airlines lower in travel space

By James McCandless

San Antonio, Dec. 21 – The distressed debt market started the week softer, with energy and travel names in focus.

Occidental Petroleum Corp.’s notes slipped lower after the company gave early tender results for a five-series offering.

Amid a decline in oil futures, Antero Resources Corp.’s issues similarly weakened while SM Energy Co.’s and Callon Petroleum Co.’s paper varied in direction.

In the travel space, American Airlines Group Inc.’s and United Airlines Holdings, Inc.’s notes were both pushed lower amid headlines of Covid resurgence and upcoming stimulus news.

Specialty retail name L Brands, Inc.’s issues moved lower after the company announced a pair of executive hires to its Bath & Body Works division.

Sector peer Nordstrom, Inc.’s paper spent the session trailing.

Meanwhile, manufacturer United States Steel Corp.’s notes ended with mixed results as it moves through the next quarter on lower guidance.

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