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Endo paper higher; Mallinckrodt mixed; negative returns narrow; Transocean, Callon up
By Cristal Cody
Tupelo, Miss., July 22 – Endo International plc’s bonds rocketed higher on Thursday after the company announced a $35 million settlement related to the opioid epidemic.
Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) were quoted at 69½ bid, 70½ offered, up 1½ points on the day, a trader said.
Mallinckrodt LLC’s bonds were mixed with the 5½% notes due 2025 down 2 points to 66 bid.
Distressed energy bonds improved along with oil prices on Thursday.
Transocean Inc.’s 7½% notes due 2026 (Ca/CCC+) traded up 1 point to 80½ bid, a source said.
Callon Petroleum Co.’s 8% senior notes due 2028 (Caa2/D) rose about ¼ point to 95¾ bid.
Secondary market action was stronger at the start of the day.
Focus turned toward a heavy slate of more than 100 second-quarter earnings reports released on Thursday from companies including American Airlines Group Inc.
“This morning was active, and then things died out,” a source said.
Bonds “were higher out of the gate and then sold off and then picked back up,” the source added. “It was a bit of mixed tone going out.”
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