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Oil and gas names see more upside follow-through; steel debt ticking higher
By Stephanie N. Rotondo
Seattle, March 3 – The “rally continued” in the distressed debt market on Thursday, according to one sellside source.
However, another sellsider said the space “kind of took a breather today,” in terms of liquidity.
Crude oil’s recent rebound continued to boost the struggling oil and gas sector, even as crude’s gains lightened a little.
“It’s a follow-through,” a trader said. “But oil really wasn’t up that much, it was kind of flat-ish.”
Still, anything oil and gas-linked fared pretty well on the day.
A trader said California Resources Corp.’s 8% second-lien notes due 2022 rose over a point to end at 37½. Another trader said the issue did even better, rising from 37 on Wednesday to 39 on Thursday.
Whiting Petroleum Corp. was actively traded, according to one trader. He saw the 6½% notes due 2018 closing up 2½ points to 42½, the 6¼% notes due 2023 up a deuce at 51¼ and the 5¾% notes due 2022 up almost 2 points to 52.
Murphy Oil Corp.’s 4% notes due 2022 firmed up over 3 points at 68¼, as Oasis Petroleum Inc.’s 6 7/8% notes due 2022 rose 2½ points to 72½.
Elsewhere in commodities, a trader said it seemed “steel names continued to rise.”
He saw United States Steel Corp.’s 7 3/8% notes due 2020 gaining “another 3 points” to close at 70.
Another source pegged AK Steel Holdings Corp.’s 7 5/8% notes due 2020 at 64¾ bid, up half a point.
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