Energy steadies; Transocean mixed; Shelf Drilling flat; Callon up; Endo, AMC bonds gain

By Cristal Cody

Tupelo, Miss., July 20 – Distressed energy bonds from issuers including Occidental Petroleum Corp. and PBF Holding Co. LLC traded about 2 points to 3½ points higher on Tuesday, sources said.

Transocean Inc.’s bonds were mixed after shedding about 6 points to 9 points in the prior session.

Transocean’s 8% notes due 2027 (Ca/CCC-) improved 3¼ points to 73¾ bid on $8.5 million of secondary volume.

Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) were mostly unchanged at just under the 75 bid area after declining over 5 points on Monday.

Callon Petroleum Co.’s 8% senior notes due 2028 (Caa2/D) were up 2½ points to 92½ bid by late afternoon after trading down 6¼ points on Monday.

Distressed pharmaceutical bonds traded flat to higher following reports of additional opioid lawsuit settlements, sources said.

Endo Finance LLC’s paper gained as one of the most active distressed names in the market.

Endo’s 6% senior notes due 2028 (Caa2/CCC+) traded nearly 5¾ points better at 65¾ bid on more than $22 million of secondary volume.

Mallinckrodt LLC’s notes were mostly unchanged during the session.

Elsewhere, AMC Entertainment Holdings, Inc.’s bonds recovered 3½ to 4 points on Tuesday.

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