Energy credits continue rebound despite lower oil; Caesars up on affiliate merger plan

By Paul Deckelman and Paul A. Harris

New York, Dec. 22 – The high-yield market entered the penultimate week of 2014 on Monday with little or no activity seen in the new-deal arena – and likely none expected for the remainder of this year.

In the secondary realm, traders said that although liquidity was constrained, there was some activity in energy-related credits, which for the most part continued to climb, even though oil prices retreated anew after Saudi Arabia’s oil minister ruled out any output cuts to prop up prices.

Among the gainers were names such as Oasis Petroleum Inc., California Resources Corp., Goodrich Petroleum Co., Range Resources Corp. and Antero Resources Corp.

Another energy credit taking an upside ride even though its shares were sliding was Exco Resources Inc.

Away from the energy space, Caesars Entertainment Corp.’s bonds – and those of its Caesars Acquisition Co. affiliate – firmed solidly on the news that the Las Vegas-based gaming giant and the affiliate plan to merge as part of the parent’s efforts to restructure the huge debt load of its Caesars Entertainment Operating Co. Inc. unit.

Statistical market performance indicators were mixed on Monday after having been higher across the board over the previous three sessions.

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