Transocean, Nabors, PBF slide; Talen up; Spider-Man lifts AMC bonds; Mallinckrodt gains

By Cristal Cody

Tupelo, Miss., Nov. 30 – Distressed debt names in the oil and gas space slid about 2 points to 4 points in secondary trading on Tuesday as market tone weakened on concerns surrounding the Covid-19 Omicron variant.

Transocean Inc.’s 6.8% notes due 2038 (C/CCC-/) dropped 4 points to 49½ bid, a source said.

Nabors Industries Inc.’s 7¼% senior notes due 2026 (Caa1/CCC-) shed 2¾ points to 86 bid.

PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B+) were down 2 points to 60 bid.

Occidental Petroleum Corp.’s junk notes also fell 2 points.

“Nabors, Transocean, Oxy Petroleum are all down,” a source said.

Meanwhile, Talen Energy Supply LLC’s 4.6% notes due Dec. 15, 2021 (Caa1/CCC/B-) traded over 2 points higher at the 94 bid area.

AMC Entertainment Holdings, Inc.’s bonds also rallied on news the company has seen strong presale orders amid a promotion for the Dec. 16 opening of Spider-Man: No Way Home.

“They have improved mainly off the Spider-Man news,” a source said. “The 12% second liens were down 4½ points on Friday but now they’re back up at 102.”

Mallinckrodt plc’s 5¾% senior notes due 2022 also climbed 1½ points to 57½ bid on $8 million of volume Tuesday.

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