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Altera, TPC notes skid over month; Diamond Sports soft; Talen Energy, PBF edge higher
By Cristal Cody
Tupelo, Miss., Nov. 17 – Some distressed bond issuers saw continued declines in secondary trading on Wednesday as market tone weakened in the high-yield space.
Altera Infrastructure LP’s 8½% senior notes due 2023 (Caa3/CCC/CCC-) were down 12 points on the day at 53½ bid by the close.
“The bonds were at 75 earlier this month, then 65, and it printed at 53½ today,” a source said. “It’s traded a couple of times and just gotten destroyed.”
TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) fell over 1½ points on Wednesday to 74 bid with the issue now trading nearly 20 points lower from a week ago.
Diamond Sports Group LLC’s paper remained soft on Wednesday after losing over 6 points to 7 points in the prior two sessions.
The company’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) were flat to about ¼ point lower at 50 1/8 bid.
Talen Energy Supply LLC’s bonds were unchanged to slightly higher on the day as oil slid over $2.
The 10½% senior notes due 2026 (B3/CCC/B-) were quoted up about ½ point at 67¼ bid.
PBF Holding Co. LLC’s paper improved ¼ point to ½ point.
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