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Endo International gains after lawsuit settlement news; PG&E weakens in utilities space
By James McCandless
San Antonio, Aug. 20 – In Tuesday distressed activity, most of the market’s eyes were fixed on utilities and pharmaceutical tranches.
Endo International plc’s notes gained throughout the day after announcing a settlement with two Ohio counties over opioid claims.
The 6% senior notes due 2023 jumped up 5¾ points to close at 67¼ bid.
Sector peer Teva Pharmaceutical Industries Ltd.’s securities were also improving.
The 2.8% senior notes due 2023 garnered 1¾ points to close at 83 bid. The 3.15% notes due 2026 picked up 1 point to close at 73¾ bid.
In utilities, PG&E Corp.’s paper continued to trade under water after a bankruptcy judge ruled that suits against the company over wildfire damages could advance.
The 6.05% paper due 2034 shed 1 point to close at 108½ bid. About $19 million of the notes changed hands.
On Monday, the paper dropped 1¾ points.
As oil futures made small gains, California Resources Corp., Alta Mesa Resources, Inc. and Southwestern Energy Co.’s paper traded up.
Elsewhere, in telecom, Frontier Communications Corp.’s notes saw a decline.
The 10½% senior notes due 2022 shaved off 1¾ points to close at 51½ bid. The 11% paper due 2025 lost ½ point to close at 50½ bid.
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