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Oil lifts energy bonds; Talen up; Endo improves; Mallinckrodt shows signs of recovery
By Cristal Cody
Tupelo, Miss., Oct. 7 – Oil prices rallied back, keeping energy names mostly higher on Thursday in the distressed secondary market.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (B3/CCC/B-) recovered 1 point after shedding 2 points on Wednesday.
“Everything energy related still has a pretty significant bid to it,” a source said. “Oil is pushing $80 a barrel and probably is going higher. That’s giving the whole sector a lift.”
West Texas Intermediate crude oil benchmark futures for November deliveries settled up 87 cents at $78.30 a barrel.
In other distressed issues active on Thursday, Endo International plc’s 6% senior notes due 2028 (Caa3/CCC+) improved ¼ point to 72¾ bid by the close, a market source said.
The notes are trading about 1¼ points higher month to date following opioid-related lawsuits settlements in September.
Mallinckrodt LLC’s bonds showed signs of recovery on Thursday with the bankrupt pharmaceuticals company’s 5¾% notes due 2022 up 1½ points at 48½ bid, a source said.
The notes remain pressured so far in October and are trading over 15 points weaker since mid-September.
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