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Medline higher; Envision declines; Team Health softens; Bausch up; Transocean better
By Cristal Cody
Tupelo, Miss., May 23 – Junk bonds trading at or near distressed levels saw mixed a reception on Monday in mostly light secondary action ahead of the long holiday weekend.
Medline Industries, LP’s 5¼% senior notes due 2029 (Caa1/B-/B+) jumped 1¾ points as one of the day’s most active names.
The issue traded Monday up 1¾ points to 82 bid on $26 million of volume, a source said.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) traded 2¾ points lower at 31¼ bid, according to a market source.
Team Health Holdings, Inc.’s 6 3/8% senior notes due 2025 (Caa3/CCC/CCC-) were down about ½ point at the 74 bid area.
Meanwhile, Bausch Health Cos. Inc.’s 6¼% senior notes due 2029 (B3/B/B) climbed over 2 points to 56 bid, a market source said.
The issue saw $3 million of volume.
Overall trading in the junk space was lighter as the week kicked off ahead of Friday’s early close for the Memorial Day holiday, sources said.
Transocean Inc.’s 8% debentures due 2027 (Ca/CCC) were among the few distressed energy names seen active on Monday, a source said.
The debentures due 2027 traded 1¼ points better at 77¼ bid on $2 million of secondary volume.
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