Nordic primary active; trading volume low; Tesla down; Sanchez, California Resources gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 20 – The summer doldrums were in full effect in junkbondland on Monday with the domestic primary market dormant and trading volume in the secondary space light.

While no dollar-denominated deals were launched on Monday, two Nordic deals from Teekay LNG Partners LP and WOW Air surfaced.

Meanwhile, the secondary space was “very slow and very quiet,” on Monday, sources said.

Names in the energy sector were active and saw gains as the barrel price of West Texas intermediate crude oil for September delivery continued to rebound from last week’s lows.

California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were again active amid the move in oil futures and saw a modest gain.

Sanchez Energy Corp.’s junk bonds were up 1 to 2 points in active trading on Monday.

While trading volume was light, Denbury Resources Inc.’s recently priced 7½% senior secured second-lien notes due Feb. 15, 2024 (B3/B+) also saw a slight improvement on Monday.

Meanwhile, Tesla Inc.’s 5.3% senior notes due 2025 were down about 1 point after the latest cycle of headlines surrounding the electric car manufacturer.

© 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.