Demand Pushes Up Prices For Anadarko And TransOcean Bonds

14th Jun 2010 23:35

By Christopher Dieterich Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Bond buyers on Monday saw bargains in debt issued by Anadarko Petroleum Corp. (APC) and TransOcean Ltd. (RIG), two companies bound to the fate of the creeping spill in the Gulf of Mexico and to BP PLC (BP, BP.LN). Traders drove prices for debt higher on Monday as they brushed aside concern about the future solvency of the firms. As equities traders bought Anadarko stock in hopes of short-term gains, bond traders saw long-term value in Anadarko and TransOcean, and the increased demand pushed up prices, said Thaddeus Strobach, credit strategist at Royal Bank of Scotland. Prices rose by 1 1/16 to 86 1/16 for Anadarko bonds maturing May 1, 2031, and by 2 4/16 to 86 1/2 for bonds maturing July 1, 2024, according to MarketAxess. Prices also rose for long-dated TransOcean bonds. Prices for TransOcean bonds maturing March 15, 2038, rose 1 1/2 to 85, though the most heavily traded issue, maturing March 15, 2013, was even at 91.00. -By Christopher Dieterich, Dow Jones Newswires; 212-416-2611; [email protected] (END) Dow Jones Newswires June 14, 2010 18:35 ET (22:35 GMT)