Oil drilling major Transocean’s dollar bonds rose on Wednesday with the easing risk-off sentiment and Brent crude crossing $70/bbl as per Bloomberg, leading the rally in high yield energy bonds. Oil prices had fallen below $70 after the OPEC+ nations agreed to boost monthly production by 400,000 barrels a day from August after the UAE and Saudi Arabia ended their standoff over the weekend. Following the weekend announcement, bond prices of US oil companies including Occidental, Laredo Petroleum, SM Energy, Transocean etc. fell on Monday.
Transocean’s 6.8% 2038s are up 4.5 points to 58 since Monday’s fall and its 11.5% 2027s are up 2 points to 101.