Pimco's Gross Buys Shorter-Maturity BP, Anadarko Petroleum Corporate Bonds
Bill Gross, co-chief investment officer at Pacific Investment Management Co., recently bought $100 million of shorter maturity BP Plc bonds and some Anadarko Petroleum Corp. debt, spokesman Mark Porterfield wrote today in an e-mail.
BP’s 5.25 percent notes due in 2013 rose 2.5 cents to 93.5 cents on the dollar as of 4:20 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. BP is based in London.
The debt fell as low as 87 cents on the dollar earlier today and has declined from a high this year of 110.8 cents, according to Trace data.
Gross, manager of the world’s biggest bond fund, also purchased 6- to 12-month Anadarko debt, Porterfield wrote. The Woodlands, Texas-based Anadarko’s 6.75 percent notes due in 2011 rose 0.5 cent to 98 cents, Trace data show. In earlier trading the securities declined to 96.5 cents, the lowest ever, and down from 106.25 cents on Dec. 31.
Reuters and CNBC earlier reported the bond purchases by Newport Beach, California-based Pimco.
The worst oil spill in U.S. history began April 20 after an explosion on the Deepwater Horizon rig leased by BP. Anadarko owns 25 percent of the well in the Gulf of Mexico that is spewing the oil.