It Hasn’t Been This Cheap for U.S. Shale to Refinance in Seven Years
- Yields last month hit lowest level since days of $100 oil
- First quarter on track to be busiest for debt deals in years
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It hasn’t been this cheap for shale explorers to raise money on the high-yield bond market since oil was at $100 a barrel in 2014, so they’re jumping on the opportunity to refinance debt at lower rates.
Drillers have already sold $11 billion in new junk-rated energy debt through the first 10 weeks of the year, and this quarter is shaping up to be the busiest in at least half a decade, according to Bloomberg Intelligence.