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Energy pressured; Transocean, NGL decline; Peabody improves; Endo, Mallinckrodt soften
By Cristal Cody
Tupelo, Miss., July 27 – Distressed energy bonds took the brunt of weakness on Tuesday in the secondary market.
Transocean Inc.’s notes were down about 2 points to more than 3¼ points by the close.
The 8% debentures due 2027 (C/CCC) sank more than 3¼ points to head out under 72 bid, a source said.
NGL Energy Partners LP’s 7½% senior notes due 2026 (Caa1/CCC+) fell about 1¾ points to 85¼ bid during the session.
The secondary market was a “little sloppy and a touch weaker,” a trader said. “There’s definitely an overall weakness and definitely on the energy side. Choppy waters until we get a better idea how the Delta variant is going.”
Meanwhile, PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) recovered ¼ point to 92¼ bid on more than $15 million of secondary volume on Tuesday.
Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/D) traded up more than 1 point to the 77¼ bid area.
Distressed pharmaceuticals bonds from Endo International plc and Mallinckrodt LLC pulled back during the session.
Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) shed 1½ points to 68½ bid.
Mallinckrodt’s 5 5/8% notes due 2023 fell about 1½ points to 68 bid.
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