Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll. Some recent bond deals have struggled to get across the line, only to end up still getting punished in secondary. Apollo's US$1.1bn LBO bond for Jupiter Resources, for example, has traded as low as 89 - even after coming to market last month with a five-point discount. "A lot of high-yield energy companies, particularly those developing shale plays, are spending more money than they are taking in," Patrick Faul, head of research at Calvert Investments, told IFR.