A DIET OF DEBT

摘要

Capital market activity in the energy sector has essentially dwindled down to higher-quality debt issues.Equity deals have been limited to secondary offerings,that is,existing equity positions trading hands rather than new equity being issued.High-yield debt issues have also come to a standstill.Debt issuance in the E&P sector included a $1 billion senior note issue by Noble Energy Inc.Noble issued two tranches: $500 million of 3.25% senior notes due 2029 priced at 99.982 to yield 3.252%;and $500 million of 4.2% senior notes due 2049 priced at par.Proceeds are for a tender offer for $1 billion of 4.15% notes due 2021.WPX Energy Inc.priced $600 million of 4.5% senior notes priced at par.Proceeds are to fund a purchase of up to $550 million of WPX’s outstanding 6% notes due 2022 and 8.25% notes due 2023.Also,Murphy Oil Corp.priced $500 million of 4.75% senior notes at par,with proceeds to tender for $500 million of 6% notes due 2023.