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Oil rebounds modestly, pushing oil, gas names higher; Fortescue bonds rise on CEO comments
By Stephanie N. Rotondo
Phoenix, Jan. 29 – The distressed debt market had “a little bit of an upswing,” a trader said Thursday.
Even oil and gas names were mostly better, despite massive spending cuts announced by Big Oil during the session.
A trader said SandRidge Energy Inc.’s 7½% notes due 2021 edged up a quarter-point to 79¼. However, another market source deemed the issue off over a point at 68¾.
Samson Investments Co.’s 9¾% notes due 2020 were also a tad higher, closing around 31 3/8, the trader said.
Also, Midstates Petroleum Co. Inc.’s 9¼% notes due 2021 rose almost a point to 52¼, while Energy XXI Gulf Coast Inc.’s 9¼% notes due 2017 gained half a point to 56.
Key Energy Services’ 6¾% notes due 2021 improved half a point to 61, and CGG SA’s 6½% notes due 2021 held steady at 77.
In other commodities, Fortescue Metals Group Ltd.’s debt was trending higher as well. According to one news report, the head of the iron ore producer declared that the company would make a good takeover target, though he had yet to receive any interest.
Away from the commodity space, Caesars Entertainment Corp. paper was mixed on the day.
A trader said the 10¼% notes due 2016 inched up half a point to 20 5/8, while the 12¾% notes due 2018 gained a like amount, ending at 19½.
However, the 10% notes due 2018 came in a touch, closing at 18 7/8.
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