Talen Energy bonds lifted; Diebold Nixdorf softens following downgrade; Staples lower

By Cristal Cody

Tupelo, Miss., May 20 – Talen Energy Supply LLC’s bonds gained over 3 points on Friday on more than $13 million of volume as the company moves forward in the Chapter 11 bankruptcy process.

Talen’s 6½% senior notes due 2025 (C/D/C) traded over 3¼ points higher to the 56½ bid area, a source said.

Secondary activity was steady with $8 million of volume reported.

Diebold Nixdorf Inc.’s notes traded down about ¼ point after Moody’s Investors Service downgraded the company and its secured and unsecured bond ratings on weaker-than-expected first-quarter earnings.

The company’s 8½% notes due 2024 (Ca/CCC-) fell ¼ point to 47½ bid, a market source said.

The notes were about 1¼ points higher from a week ago but well off where the issue traded at the 75 bid range at the start of the month.

Overall distressed trading action was light with stronger activity seen in junk paper from Carvana Co. that was heading out mixed, a source said.

Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC+) were quoted down ½ point at 73 bid and a yield of nearly 20% on Friday on $11 million of paper changing hands.

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