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PBF declines; Talen recovers; Endo, Mallinckrodt soften; AMC weakens; liquidity thin
By Cristal Cody
Tupelo, Miss., Aug. 3 – Distressed energy bonds headed out mixed in secondary trading on Tuesday as oil prices weakened and volume thinned in the late summer session.
“Oil was off a little bit, but generally the market was better on the margin,” a source said. “Slightly better but not significantly outperforming or underperforming the market.”
PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) softened about 7/8 point to 88½ bid after sliding 3 3/8 points in the prior session.
Talen Energy Supply LLC’s bonds continued to rebound from losses in mid-July with the bonds up about ½ point to 2 points Tuesday.
Talen’s 6½% senior notes due 2025 (B3/CCC+/B-) went out up 1 point at 64 bid.
Paper from distressed pharmaceuticals manufacturer Endo International plc and Mallinckrodt plc softened.
In other distressed issues, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) fell 1 3/8 points to 86 3/8 bid.
Secondary market action in the early August session was “muted,” a source said.
“Unless you’re an underwriter trading new issues, liquidity is as bad as I’ve ever seen it,” the source said.
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