Battered energy names end week rebounding amid oil price rise, Sprint snap-back continues

By Paul Deckelman

New York, Jan. 22 – The distressed-debt market saw strong upside movement for a second straight session in the junk bonds of such recently-pressured energy credits as Whiting Petroleum Corp., WPX Energy Inc., Oasis Petroleum Inc., California Resources Corp. and Chesapeake Energy Corp., among others.

That upturn had begun on Thursday, following sharp losses earlier in the week, and the positive momentum continued into Friday.

In the convertibles market, Chesapeake Energy’s convertible preferred paper traded off during the day, in line with a small drop in its share price after the exploration and production company suspended the dividend on its preferred issues.

Its non-preferred convertibles were higher.

Apart from the energy names, there was continued strength in Sprint Corp. junk bonds, which had also moved up sharply on Thursday and again on Friday in a recovery from big losses suffered earlier in the week.

© 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.