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Published on 11/12/2021 in the Prospect News High Yield Daily.

TPC drops; Talen soft; Bausch, MultiPlan lower; Endo improves; Kaisa, Evergrande up

By Cristal Cody

Tupelo, Miss., Nov. 12 – TPC Group Inc.’s bonds sank in post-holiday secondary trading on Friday as the company moved up the release of its third-quarter earnings report.

TPC’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) ended the week down nearly 10 points at 80 bid, a source said.

Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) were mostly unchanged at the 66¼ bid area.

In the health care space, Bausch Health Cos. Inc.’s 5% senior notes due 2029 (B3/B/B) improved about ¼ point to the 87¼ bid range but were ending the week down about 2 points, a source said.

MultiPlan Corp.’s 5¾% senior notes due 2028 (B3/B-) were quoted at 89 bid, down over 5 points from a week ago.

Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) traded at 77 1/8 bid on $13 million of volume, about 1 5/8 points better on the week.

Elsewhere, Kaisa Group Holdings Ltd.’s 9 3/8% senior notes due 2024 (C//CCC-) were 1½ points higher at 28½ bid, a source said.

China Evergrande Group’s 8¾% senior notes due 2025 (C/C/C) improved ¼ point to 23½ bid.


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