Offshore bonds up; Transocean higher; Talen mixed; Peabody better; Endo, AMC improve

By Cristal Cody

Tupelo, Miss., July 21 – Energy bonds saw mixed trading action in the distressed secondary market on Wednesday as oil prices improved after Monday’s plunge.

Bonds from “offshore names” were up about 1 point, a source said.

Transocean Inc.’s 7½% notes due 2026 (Ca/CCC+) rose 1 7/8 points to head out at 79½ bid.

Talen Energy Supply LLC’s paper was mixed but remains weak overall following the downgrade Wednesday by Fitch Ratings.

Talen’s 6½% senior notes due 2025 (B3/CCC+/B-) were the most active during the session and traded down about 2 points to 3 points at 56 bid.

Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/D) rose more than 1 point on the day to 74½ bid.

Bonds from distressed pharmaceutical makers traded unchanged to higher on the day after the announcement of up to a $26 billion settlement with four companies including Johnson & Johnson over the opioid epidemic.

Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) picked up 2 points to trade at 67¾ bid after climbing nearly 5¾ points on Tuesday.

Also Wednesday, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) were quoted trading up about ¾ point on the day at 91, 91½.

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