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Diamond Sports drops; Transocean climbs; Talen thinly traded; Exela exchange bonds down
By Cristal Cody
Tupelo, Miss., Jan. 11 – Bonds from Diamond Sports Group LLC and Transocean Inc. topped secondary action in the distressed space over Tuesday’s session, sources reported.
Diamond Sports’ paper “has been pretty active and lower,” a trader said.
The 5 3/8% senior secured notes due 2026 (Caa1/CCC) fell ¾ point to 50 bid on volume of more than $19.5 million.
Transocean’s paper jumped about 2 points to 2¾ points across the capital structure with the 6.8% senior notes due 2038 (C/CCC) up 2¾ points to 60¼ bid on more than $10.6 million of paper traded on Tuesday.
“Most energy bonds were bid up,” a trader said.
Oil prices rallied nearly $3 over the day.
Callon Petroleum Co.’s 8% senior notes due 2028 (Caa2/D) climbed about 2 points to 104 bid, a source said.
Talen Energy Supply LLC’s 6 5/8% notes due 2028 rose about 1 point to 89½ bid in just one trade during the session.
Exela Technologies, Inc.’s 11½% first priority senior secured notes due 2026 (Caa3/CCC-) fell about 1 point to 68 bid on Tuesday, according to market sources.
“They did an exchange recently, and the new exchange bonds keep trading lower,” a source said.
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