PBF mostly higher, strong on week; Talen bonds rebound; Endo, Mallinckrodt notes rise

By Cristal Cody

Tupelo, Miss., Aug. 26 – Energy bonds mostly held onto gains in the distressed secondary market on Thursday despite oil prices pulling back.

PBF Holding Co. LLC’s 6% senior notes due 2028 (B3/B) went into the session up 9½ points since Friday and headed out by the close 10 points stronger week to date, sources said.

The notes traded ½ point better at the 61½ bid area.

Trading was light with a scant $1 million of reported volume.

Talen Energy Supply LLC’s paper improved about 2¾ points to 3¼ points on Thursday after losing ground in the previous two sessions.

Talen’s 10½% senior notes due 2026 (B3/CCC/B-) recovered 2¾ points to trade at 41¾ bid on over $11 million of secondary supply.

Elsewhere, distressed pharmaceuticals bonds edged up.

Endo International plc’s notes were modestly better after actions taken by Moody’s Investors Service and S&P Global Ratings on Wednesday, sources reported.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC+) rose ½ point to 64¼ bid on $5 million of volume.

Mallinckrodt LLC’s bonds were about 1¾ points to 2 points higher on Thursday.

The 5½% senior notes due 2025 headed out up 1¾ points at 66¾ bid.

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