Talen bonds slide; Moss Creek flat; Diamond Sports improves; China Evergrande declines

By Cristal Cody

Tupelo, Miss., Aug. 13 – Distressed energy bonds remained under pressure heading into the weekend as oil prices retreated on Friday.

Talen Energy Supply LLC’s bonds sank about 1½ points to 8 points after the company released its second-quarter earnings results following the market’s close on Thursday, a source said.

Talen’s 7¼% senior secured notes due 2027 (Ba3/BB-/BB-) fell about 1½ points to the 85½ bid area on volume totaling over $32.5 million.

Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa1/B) headed out on Friday unchanged at 86½ bid but softer on the week, sources said.

The notes were down nearly 3½ points over the week, according to a BofA Securities, Inc. research note on Friday.

In other distressed issues, Diamond Sports Group LLC’s paper improved as the week closed after sliding on Monday following parent Sinclair Broadcast Group, Inc.’s announcement that DISH Network Corp. intends to drop its TV stations.

Diamond Sports Group’s 6 5/8% senior notes due 2027 (Caa2/CCC-) rose ¾ point to trade at 39¼ bid.

In distressed emerging markets issues, China Evergrande Group’s dollar bonds sank 1 5/8 points to 6 points during the session, a source said.

China Evergrande’s 8¼% senior notes due 2022 (Caa2/CCC-/CCC) dropped 2 5/8 points to 56½ bid.

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