Hard-hit energy companies' bonds rise after Fed expands loan program [Yahoo! Finance News]
WPX ENERGY (WPX)
Last wpx energy earnings: 2/26 04:15 pm
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Source: Yahoo! Finance News
By Kate DuguidNEW YORK, April 30 Reuters) - Bonds of hard-hit oil and gas companies such as Occidental Petroleum, Antero Resources , WPX Energy, HighPoint Resources and Western Midstream Partners rose in price on Thursday after the Federal Reserve announced it would expand its Main Street Lending Facility to larger and riskier companies affected by the coronavirus pandemic.The central bank said it would widen its lending to firms with 15,000 employees and $5 billion in revenue, versus initial limits of 10,000 workers and $2 billion. The program now will extend loans to more precarious companies, if banks agree to take on 15% of the loan.In afternoon trade, seven of the 10 biggest upward movers in the U.S. corporate bond market were oil and gas companies, according to MarketAxess data. WPX Energy's 5.75% June 2026 bond was up 6.7% on the day, last trading at 88 cents on the dollar. Occidental's 6.45% September 2036 issue traded up 5.7% on the day, last trading at 74 cents on the dollar
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