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Bausch falls over 5 points; Talen softens; Transocean nearly 10 points lower on week
By Cristal Cody
Tupelo, Miss., July 13 – Bausch Health Cos. Inc.’s paper turned lower this week with the company’s bonds trading more than 5 points softer through Wednesday.
Bausch Health’s 8½% senior notes due 2027 (B3/B-/B) dropped 4½ points to 65 bid by the close.
The company’s 5¼% senior notes due 2031 (B3/B-/B) were trading about 7 points lower so far this week with the notes going out Wednesday at 45¾ bid, a source said.
The day’s economic data sent market tone down after the Labor Department reported the Consumer Price Index jumped 9.1% over the past 12 months in June, higher than forecasts of an 8.8% rise in inflation.
West Texas Intermediate crude oil benchmark futures for August deliveries were up marginally by 46 cents to $96.30 a barrel after dropping $8.25 on Tuesday.
Transocean Inc.’s paper remained soft with the 7½% senior notes due 2031(C/CCC-) trading down nearly 10 points since Friday and moving below a 50 handle on Wednesday.
The notes fell nearly 5½ points Wednesday to 45½ bid, a source said.
Transocean’s 8% debentures due 2027 (Ca/CCC) were quoted down 1 point at 57 bid following a four-point-decline in the prior day.
Bankrupt Talen Energy Supply LLC’s 10½% senior notes due 2026 (C) also moved down ¾ point in mostly light trading Wednesday to 63 bid, a market source said.
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