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Avaya gains as sale mulled; Tenet, Community Health fall post-downgrade; oil names improve
By Stephanie N. Rotondo
Seattle, May 23 – The high-yield bond market traded lower Monday, even as oil and gas names improved and Avaya Inc. lurched upward on news of a possible sale.
Leading the weakness was the healthcare arena. Both Tenet Healthcare Corp. and Community Health Services Inc. traded off as investors digested recent ratings downgrades.
Moody’s Investors Service lowered its rating on Tenet on Friday. A downgrade in Community Health came Monday.
As for the oil and gas arena, California Resources Corp. and Chesapeake Energy Corp. firmed during the session, despite renewed weakness in domestic crude.
For its part, oil prices waned as wildfires in Canada started to fade, allowing oil workers to come back in. Even though it will take time for local refineries to get back up to pre-fire production levels, the fact that workers are back on the line once again stoked concerns about a supply glut.
Also weighing on oil was a recent report from Baker Hughes, which showed active U.S. drills unchanged week over week. A recent rally in crude prices has caused some to speculate that it will encourage producers to start drilling once again.
A trader said California Resources’ 8% second-lien notes due 2022 were up 4½ points to 69.
In Chesapeake paper, a trader sas the 8% second-lien notes due 2022 ticking up over a point to 74¼, as the 3.878% notes due 2019 increased 1½ points to 66.
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