Sanchez notes up with oil futures; California Resources mixed as energy news sparks trading

By James McCandless

San Antonio, Aug. 22 – Energy names came back into focus in the distressed debt market on news of falling U.S. oil inventories and Saudi Arabia’s Aramco oil company cancelling its upcoming IPO.

Sanchez Energy Corp. notes added to recent gains, following oil futures. The company recently posted disappointing earnings.

California Resources Corp. issues were mixed amid news in the energy sector that the U.S. crude oil supply fell and Aramco nixed its expected IPO.

J.C. Penney Co., Inc. paper rose. On Tuesday, the company received a ratings downgrade in response to a weak earnings report.

Intelsat SA notes were mixed. A subsidiary recently priced a $1.25 billion offering of senior notes.

Frontier Communications Corp. issues were also mixed. A recent Q2 earnings report fell short of analyst expectations.

Diebold Nixdorf, Inc. paper improved again. One of the company’s largest lenders is currently shopping a rescue loan.

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