Endo International notes volatile; Carnival, Royal Caribbean, Weatherford decline

By Cristal Cody

Tupelo, Miss., June 23 – Endo International plc’s 7½% senior secured notes due 2027 traded nearly 10 points lower at 65 bid in volatile secondary action on Thursday.

The bonds (Caa2/CCC) reversed course in late trading and went out about 1 point higher at 75 bid, a source said.

Distressed corporate secondary activity was lighter with heavier supply in emerging markets issues and in paper from Carnival Corp. and Royal Caribbean Cruises Ltd., a source said.

Carnival’s notes declined about ¼ point to ¾ point on nearly $100 million of volume, while Royal Caribbean’s 5½% notes due 2028 (B2/B) dropped ¾ point to 72¾ bid on $15 million of paper traded on Thursday, a source said.

Bonds in the oil and gas space were mostly under pressure as oil prices retreated.

Crude oil was down about $2 a barrel on Thursday.

Weatherford International plc’s 8 5/8% notes due 2030 (B3/B-) were quoted down 1¾ points at 87 bid. The oilfield services company’s issue saw $7 million of paper traded, a source said.

Plains All American Pipeline, LP’s 6 1/8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba2/BB/BB) went out about 1½ points higher at 72½ bid, a source said.

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