Talen notes slide, CDS spreads move out; Transocean up as oil rallies; Staples better

By Cristal Cody

Tupelo, Miss., March 17 – Talen Energy Supply LLC’s bonds slid on Thursday with the 10½% senior notes due 2026 (Caa2/CCC/CCC) now trading in the high 20s and about 10 points lower on the week.

Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) declined 3½ points on Thursday to 27½ bid, a source said.

Secondary supply was strong with $20 million of the bonds traded.

Talen’s 6½% senior notes due 2025 (Caa2/CCC/CCC) were down over 3½ points to 26 bid on $8.4 million of volume on Thursday.

Talen’s credit default swap spreads also moved out over 2,500 basis points for the week ended Wednesday to 7,717 bps, according to a report from Moody’s Investors Service.

Elsewhere, Transocean Inc.’s bonds traded about 1½ points to 2 points higher.

Transocean’s 8% debentures due 2027 (Ca/CCC+) were the company’s most active issue in the secondary space on Thursday with over $15 million of bonds traded up 2 points to 80½ bid, a source said.

In other secondary issues, Staples Inc.’s 10¾% senior notes due 2027 (Caa1/CCC+) were about 3½ points stronger on the week, while its CDS spreads widened over 80 bps.

Staples’ 10¾% senior notes due 2027 improved about ¾ point to a print of 88.395 bid, a source said.

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