(Bloomberg) -- Billionaire hedge-fund manager Paul Singer’s demand that Hess Corp. find ways to bolster shareholder returns is turning into a windfall for bondholders.

While Hess’s $5 billion of notes suffered the industry’s biggest losses a year ago, when Singer’s Elliott Management Corp. said on Jan. 29 that a “substantial divestment program” could help maximize value for equity holders, the bonds have since returned 3.9%. The $480 billion of debt issued by energy companies and tracked by Bloomberg has declined 0.77% in the same span.

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