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Distressed energy paper climbs; PBF, Transocean, Talen, Peabody gain; Exela declines
By Cristal Cody
Tupelo, Miss., July 29 – Distressed energy issues improved in heavy secondary trading on Thursday as oil prices saw a bump of more than $1 a barrel.
PBF Holding Co. LLC’s bonds climbed about 1¾ points to 3½ points with the company’s 7¼% senior notes due 2025 (B3/B+/B+) trading 12 points better week to date, a source said.
Transocean Inc.’s notes added about 1½ to 2 points over the day.
Talen Energy Supply LLC’s bonds went out about 1¼ points to more than 2½ points better.
Talen’s 10½% senior notes due 2026 (B3/CCC+/B-) were more than 1¼ points higher at 64 bid on Thursday, a source said.
Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/D) also were about 5½ points stronger week to date.
In other distressed issues, Exela Technologies, Inc.’s notes dropped more than 2 points during the session.
Debt issuer Exela Intermediate LLC’s 10% senior secured first-lien notes due 2023 (Caa3/CCC-) fell 2 1/8 points to 70½ bid.
The distressed space is narrowing with corporate defaults down significantly in 2021 so far, according to a Moody’s Investors Service report on Thursday.
The global speculative-grade default rate is expected to fall below 2% by the end of the year, Moody’s said. The global default rate was 5½% in June.
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