Endo gains on settlement; Mallinckrodt sinks; Evergrande, Fantasia drop; Transocean up

By Cristal Cody

Tupelo, Miss., Sept. 29 – Endo International plc’s bonds climbed in the secondary market on Wednesday following the company’s report that it settled another opioid-related lawsuit.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC+) jumped 2 points to 71 bid on $12 million of volume, a source said.

Mallinckrodt LLC’s 5¾% notes due 2022 sank 9 points after the bankrupt pharmaceuticals company filed an amended Chapter 11 plan and first amended joint plan of reorganization.

Mallinckrodt’s 5¾% notes due 2022 were quoted at 48½ bid by the close.

Meanwhile, China Evergrande Group’s bonds sank further with the 8¾% senior notes due 2025 (C/C/C) down about ¾ point to 23¾ bid, a source said.

Fantasia Holdings Group Co. Ltd.’s 10 7/8% senior notes due 2023 (B/CCC) were quoted at 32 3/8 bid, down about 8½ points week to date, following a downgrade by S&P Global Ratings on Wednesday.

Distressed energy bonds stayed mostly stronger over the session, according to market sources.

Transocean Inc.’s 8% debentures due 2027 (C/CCC) added nearly 1¾ points to trade at the 79 bid area on over $7 million of volume.

Peabody Energy Corp.’s 8½% senior secured notes due 2024 (Caa1/CCC-) were flat on Wednesday at 87 5/8 bid, about 1 1/8 points better week to date.

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