Talen, Transocean up; Envision higher; Team Health declines; Diebold Nixdorf rebounds

By Cristal Cody

Tupelo, Miss., May 4 – The Federal Reserve’s largest rate hike in over two decades sent a positive ripple through the equity markets on Wednesday, while distressed bonds mostly saw an upswing in light trading.

“There’s not really a ton of activity going on – people are sort of digesting it,” a source said. “The equity market preformed really well.”

Distressed energy paper bumped higher as crude oil prices settled up over $5.

Talen Energy Supply LLC’s 10½% senior notes due 2026 (C/CC/CCC) were quoted trading 3 points better at 40 bid, 41 offered, a market source said.

Transocean Inc.’s 8% debentures due 2027 (Ca/CCC) gained 2 points to head out at 81 bid on $1 million of secondary volume, a source said.

Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) continued to improve on Wednesday with the issue up 3 points at 38½ bid by the close.

Team Health Holdings, Inc.’s 6 3/8% senior notes due 2025 (Caa3/CCC/CCC-) traded strongly over the day but went out about 2¼ points weaker at 81¾ bid on $14 million of volume, a source said.

Diebold Nixdorf Inc.’s 8½% notes due 2024 (Caa1/CCC) traded over 1 point better at 74½ bid, 75½ offered after gaining about 7½ points in the prior two sessions.

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