VEON plunges; MHP notes drop; Transocean improves as oil rallies; Air Methods higher

By Cristal Cody

Tupelo, Miss., Feb. 28 – Distressed secondary trading remained light on Monday with the junk and high-grade primary markets stalled on continued volatility surrounding Russia’s invasion of Ukraine.

VEON Ltd.’s paper slid about 14½ points to 32 points just on Monday, a source said.

The Amsterdam-based telecommunications company operates in nine countries, including Russia.

VEON’s 3 3/8% notes due 2027 (BB+) were quoted off 31 points at 43 bid in light distressed trading totaling $2 million.

Kyiv, Ukraine-based poultry and grain producer MHP SE’s 6.95% senior notes due 2026 (B/B+) were down 12 points at 34 bid on Monday on $6 million of secondary supply, a source said.

Oil was unchanged to higher as sanctions against Russia increased.

West Texas Intermediate crude oil benchmark futures for April deliveries rallied $4.13 to settle at $95.72 a barrel.

Transocean Inc.’s 7½% senior notes due 2026 (Ca/CCC) traded about 1¾ points better at 77½ bid on Monday, a market source said.

Trading was light with over $1.8 million of volume during the session.

Meanwhile, Air Methods Corp.’s 8% senior notes due 2025 (Caa2/CCC) picked up 2 points to hit 83 bid on Monday with $3.5 million of paper changing hands, a source said.

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