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Endo bonds rally; Rite Aid climbs; energy bonds, Transocean trade higher during session
By Cristal Cody
Tupelo, Miss., July 7 – Paper from distressed pharmaceutical maker Endo International plc climbed in heavy secondary market action on Thursday.
Endo’s secured notes were trading about ¾ point to 1¾ points better on the day.
The company’s 6% senior notes due 2028 (Caa3/C) on which it missed a $38 million interest payment in the prior week improved 1½ points to 9½ bid on Thursday, a market source said.
Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured notes due 2027 (Caa2/CC) rose ¾ point by the day’s close to 76 bid.
Risk-on tone grew on Thursday as issuers ventured into the primary markets, stocks rallied and volatility waned.
Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC-/BB-) went out 1½ points better at 79 bid, a market source said.
Fitch Ratings revised the outlook for the Camp Hill, Pa.-based drug retailer on Wednesday to negative from stable.
Energy bonds saw some relief on Thursday as oil prices advanced, a source said.
Distressed offshore driller Transocean Inc.’s 6.8% senior notes due 2038 (C/CCC) traded more than 2 points better at 52 bid.
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