Oil rally ups energy debt; Arch Coal busy, mixed ahead of earnings; Peabody numbers on tap

By Stephanie N. Rotondo

Phoenix, April 20 – Distressed energy names were benefiting from yet another rise in oil prices on Monday.

Still, overall trading was muted.

“It’s a Monday,” a trader said. “They traditionally are not [busy].”

A trader saw Halcon Resources Corp.’s 8 7/8% notes due 2021 at 82, up a quarter-point on the day, and Sabine Oil & Gas’ 7½% notes due 2020 at 24¼, which was a gain of over 2 points.

SandRidge Energy Inc.’s 7½% notes due 2023 were meantime called half a point better at 67¾, while the 7½% notes due 2021 rose 1½ points to 71 bid.

Away from oil and gas, Arch Coal Inc. paper was moving around a little more actively ahead of the company’s earnings release on Tuesday.

One trader deemed the paper unchanged to better, but another said the debt was steady to slightly lower.

Aside from commodities, there were also signs of strength in more consumer-related names.

JCPenney Co. Inc.’s 6 3/8% notes due 2036 were pegged at 76, up a quarter-point, by one trader.

That same trader saw Caesars Entertainment Corp.’s 11¼% notes due 2017 at 74½ – unchanged, he said – and the 9% notes due 2020 at 76¾, up a point.

© 2015 Prospect News.
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