Investors Are Pricing Junk-Energy Bonds Like $80 Per-Barrel Oil Is Back
Wishing it was 2014 again.
A pump jack operates in an oil field near Corpus Christi, Texas.
Photographer: Eddie Seal/BloombergThis article is for subscribers only.
It's back to the future in the market for junk-rated debt sold by oil companies.
Investors are treating high-yield bonds issued by energy firms like it's the good old days for black gold. Yields on the securities have have dropped to 6.73 percent, a level last seen at the end of 2014 when oil was trading around $80 a barrel.