Gran Tierra rallies; Nabors up; Transocean mixed; Evergrande flat; Kaisa, Sunac higher

By Cristal Cody

Tupelo, Miss., Dec. 10 – Market action slowed on Friday with distressed energy paper trading flat to stronger on the day.

Gran Tierra Energy Inc.’s 2022 production forecast on Thursday following an upgrade from Fitch Ratings the previous session “sent their bonds up 2 points yesterday and up a little more than 3 points today,” a source said.

The 7¾% senior notes due 2027 (B/B-) climbed 3 1/8 points to 93 3/8 bid on $1.5 million of secondary supply.

Nabors Industries Inc.’s 7¼% senior notes due 2026 (Caa1/CCC-) improved over 3 points to head out at 93 bid on Friday.

Transocean Inc.’s 8% debentures due 2027 (C/CCC) ended the day unchanged around 71½ bid in light trading.

China Evergrande Group’s paper traded flat on Friday, while Kaisa Group Holdings Ltd.’s notes gained following reported defaults by both companies the previous day from Fitch Ratings.

Evergrande’s 8¾% senior notes due 2025 (C/C/C) were ½ point better at the start of the session but headed for the close unchanged at 20¾ bid.

Kaisa’s 9 3/8% senior notes due 2024 (C//C) traded as much as 1½ points higher early Friday before pulling back and going out ½ point stronger at 34½ bid.

Sunac China Holdings Ltd.’s 6½% notes due 2023 (B1/B) jumped 4 points during the session to 83 bid.

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