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Distressed oil and gas bonds mixed as oil prices fall; Community Health gives back; Petsmart firms
By Stephanie N. Rotondo
Seattle, Aug. 14 – The distressed bond market had a case of the Mondays, according to market sources.
“I can’t say that it seemed like it was all that busy today,” one trader remarked.
Even as domestic crude oil prices declined 2.7% – due in part to a weaker dollar – distressed energy names were “not really active,” though they were “quoted lower,” the trader said.
For instance, Jones Energy Inc.’s 6¾% notes due 2022 dipped 1¼ points to 73, a trader said.
However, EP Energy Inc.’s 9 3/8% notes due 2020 were steady at 78½.
In the healthcare space, Community Health Systems Inc.’s debt was giving up some of the gains incurred on Friday.
It was unclear what had pushed up the name previously, a trader remarked.
The trader saw the company’s 6 7/8% notes due 2022 ending Monday’s session in an 84 to 84½ context. He noted that the paper had been around 82 on Thursday before rallying in Friday trading.
At another desk, a trader said the notes lost 1¼ points, ending at 84¼.
Meanwhile, Petsmart Inc. paper was “relatively active,” a trader said. The name has been topical since Thursday when it was announced that Michael J. Massey was stepping down as chief executive officer.
The trader called the 7 1/8% notes due 2023 unchanged at 86, while the 8 7/8% notes due 2025 ticked up nearly half a point to 90¾.
A second trader said the debt “keeps climbing up a little bit,” pegging the 8 7/8% notes at 89 bid, 89¼ offered.
Among distressed preferreds, Fannie Mae and Freddie Mac paper finished weaker, though the preferred stock space as a whole was positive for the day.
There was no fresh news to act as a catalyst.
Fannie’s 8.25% series S fixed-to-floating rate preferreds (OTCBB: FNMAS) dipped 8 cents, or 1.16%, to $6.80. Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) waned 4 cents to $6.50.
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