Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Oasis Petroleum Inc. > News item |
Distressed market mixed post-Fed; steel sector rises, oil and gas wanes; Avon improves
By Stephanie N. Rotondo
Seattle, Dec. 17 – The distressed debt market trended toward the mixed side on Thursday, just one day after the Federal Reserve opted to raise interest rates by 0.25%.
“Some things definitely felt a little better,” a trader said. But as stocks were “beaten up, it probably put a little bit of a damper on high yield.”
The steel space, for instance, saw some support in the wake of the U.S. Commerce Department’s announcement that it was imposing countervailing duties on cold-rolled steel from four countries.
Oil and gas names, however, were “still weaker,” the trader said.
Oasis Petroleum Inc.’s 6 7/8% notes due 2022, for example, traded down into the mid-60s, the trader said. That compared to levels around 70 on Wednesday.
“That was one of the more notable moves,” he said.
In distressed oil and gas preferreds, there was initially a modest rebound in paper, though by the bell, issues were mostly soft.
AK Steel Holdings Corp.’s 7 5/8% notes due 2020 were deemed “better” on Thursday on news the Commerce Department would begin imposing countervailing duties on cold-rolled steel products from four countries.
A trader pegged the issue at 41. A second market source saw the issue ending at 40¾, up 1½ points on the day.
Separately, a trader said Avon Products Inc.’s 5% notes due 2023 were “a little bit better,” trading around 70.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.