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Talen bonds, CDS spreads on rebound; Rite Aid under pressure; Envision Health drops
By Cristal Cody
Tupelo, Miss., April 7 – Talen Energy Supply LLC’s bonds are trading about 10 points better this week, while its credit default swap spreads also have come in nearly 8,000 basis points, sources said Thursday.
Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) were ½ point higher at 33½ bid, up 9¾ points this week.
Talen’s CDS spreads came in over 7,800 bps for the week ended Wednesday to 8,103 bps.
Rite Aid Corp.’s bonds were about 4 points to 4 5/8 points weaker in heavy activity Thursday, and its CDS spreads widened over 300 bps for the week, according to market sources.
The 8% senior secured notes due 2026 (B3/CCC/BB-) dropped over 4 points in strong trading totaling $17 million Thursday to a print of 86.81.
The issue has softened more than 6 points this week.
Rite Aid’s CDS spreads also widened 363 bps to 1,716 bps for the past week ended Wednesday.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) slid 3 5/8 points Thursday as the health care company remains under pressure following a downgrade at the start of the week.
Envision Healthcare’s 8¾% senior notes due 2026 (Ca/CC) were quoted at 41 3/8 bid on $4 million of volume.
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