Talen Energy Supply bonds trade mixed; PBF Energy, Transocean notes gain in secondary

By Abigail W. Adams

Portland, Me., Aug. 30 – It was a slow start to the week in the distressed debt space on Monday with volume expected to remain light for the duration of the week.

However, with the high-yield new issue calendar drying up in the final days of summer, some distressed names returned to focus, especially with a rebound in crude oil futures.

Talen Energy Supply LLC’s notes were mixed with the secured tranches trading down while the unsecured tranche rocketed higher.

Talen’s 7 5/8% senior secured notes due 2028 dropped about 1 point with the notes closing the day at 87, according to a market source.

However, the company’s 10½% senior notes due 2026 jumped 3 3/8 points to close the day at 46.

Transocean Inc.’s junk bonds also continued to move higher as crude oil futures improved.

The offshore drilling contractor’s 6.8% senior notes due 2038 gained about 3 points to close the day at 56, according to a market source. The issuer’s other bonds traded higher as well.

While activity in the name tempered after last week’s surge, PBF Holding Co. LLC’s junk bonds continued to eke out gains as Hurricane Ida disrupts the gasoline supply chain.

PBF’s 9¼% senior secured notes due 2025 rose about ½ point to 97½ on Monday.

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