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PBF flat; Transocean up; Talen steadies; Diamond Sports better; Evergrande, Sunac soft
By Cristal Cody
Tupelo, Miss., Sept. 28 – Energy bonds mostly held onto gains in the distressed space on Tuesday as oil prices fell and market tone weakened.
PBF Holding Co. LLC’s 6% senior notes due 2028 (Caa1/B/B+) traded flat by the close at 65¼ bid after picking up nearly 2 points on Monday, a source said.
Transocean Inc.’s 7½% senior notes due 2026 (Ca/CCC+) climbed 1 point to 80½ bid after adding about 2½ points in the prior session.
Talen Energy Supply LLC’s bonds were mostly unchanged on Tuesday after seeing gains in the prior week.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) were steady at 56¼ bid.
Elsewhere, Diamond Sports Group LLC’s bonds have climbed higher in back-to-back sessions with the notes trading about 1½ points better week to date, a source said.
Diamond Sports’ 6 5/8% senior notes due 2027 (Caa2/CC) rose about ½ point to 44½ bid following a 1-point bump on Monday.
China Evergrande Group’s bonds remained soft on Tuesday with other bonds in the property developer space also weak, sources said.
Evergrande’s 8¾% senior notes due 2025 (C/C/C) dipped 5/8 point to 24½ bid.
Sunac China Holdings Ltd.’s 7% senior secured notes due 2025 (B1/BB-) were down about 1¾ points at the 79½ bid area.
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