Endo notes slide; Diamond Sports steady; Transocean paper rallies; CURO, Coinbase trade

By Cristal Cody

Tupelo, Miss., March 1 – The distressed bond market saw heavy secondary trading on Tuesday in issues from Endo International plc, Diamond Sports Group LLC and Transocean Inc.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC-) dropped over 4 points to near 62½ bid on $17 million of supply, a source said.

Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) were strongly traded with $12 million of paper changing hands at better than the 23¾ bid area, a source said.

The issue was flat from Monday.

Transocean’s 8% debentures due 2027 (Ca/CCC+) rallied 1¾ points after oil broke over $100 a barrel as the Russia-Ukraine conflict continued.

Transocean’s 8% debentures due 2027 (Ca/CCC+) were quoted at 76 bid on $14 million of paper traded.

In other secondary activity, CURO Group Holdings Corp.’s 7½% senior secured notes due August 2028 (B3/B-) were about ½ point better in thin activity at the 88¼ bid area after dropping nearly 1½ points on Monday.

Coinbase Global, Inc.’s senior guaranteed notes (Ba1/BB+) have climbed about 1¼ points to 2¼ points since Russia’s invasion of Ukraine and following news reports it will not freeze all Russian accounts.

Coinbase’s 3 5/8% notes due 2031 were about ¼ point lower at 88¼ bid after climbing nearly 1 point on Monday.

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