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Transocean, Talen Energy, Shelf Drilling gain; Gran Tierra, Global Air better on week
By Cristal Cody
Tupelo, Miss., Feb. 12 – Distressed energy bonds gained as oil prices climbed more than $1 on Friday.
Offshore driller Transocean Inc.’s 8% senior notes due 2027 (Ca/CCC) improved ¾ point to 58¾ bid by late afternoon in heavy trading, a source said.
Transocean’s 7½% notes due 2031 (C/CCC-/) rose 2 1/8 points to 46¼ bid over the day.
Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) continued to gain in strong secondary trading on Friday, rising ¾ point to 84½ bid after adding 2½ points on Thursday, according to a market source.
Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) also saw heavy trading on Friday with the notes bid at 60 bid early in the session before trading late afternoon at 59½ bid, a source said.
Elsewhere in the energy space, Gran Tierra Energy Inc.’s 7¾% senior notes due 2027 (B-/CCC) traded more than 7 points better on the week, according to a BofA Securities, Inc. global research note on Friday.
The notes were not active on Friday and were last seen trading Wednesday at 80 3/8 bid, a source said.
In other trading, Global Aircraft Leasing Co.’s bonds softened on Friday but were stronger on the week, a source said.
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