Dudley Talks Lift TNK-BP Bonds, Erase Loss Since Leak
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Talks between Russia’s government and BP Plc’s newly appointed Chief Executive Officer Robert Dudley are stoking the best rally in 17 months for bonds of TNK-BP on expectations asset sales will help the Moscow-based affiliate.
TNK-BP’s $1 billion of 7.5 percent bonds due 2016 rose for a 13th day, the longest rally since March 2009, according to prices on Bloomberg. The yield fell 15 basis points to 5.445 percent today, dropping below the level before the April 20 oil disaster in the Gulf of Mexico.