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Distressed energy bonds mixed; PBF softens; Talen gains; Shelf Drilling trades flat
By Cristal Cody
Tupelo, Miss., Feb. 11 – Distressed energy bonds were mixed in the secondary market over Thursday’s session as oil prices declined.
Offshore driller Transocean Inc.’s bonds continued to see heavy secondary action on Thursday after trading about 1 point to 1½ points better on Wednesday, a source said.
Transocean’s 7¼% senior notes due 2025 (Ca/CCC) traded up 1 point at 62 bid.
The driller’s 7½% senior notes due 2031 (C/CCC-) fell more than 1½ points to 44 1/8 bid going out.
Petroleum refiner PBF Holding Co. LLC’s 6% senior notes due 2028 (B3/B+) were quoted down 1 1/8 points to 57½ bid in secondary trading over the session.
Meanwhile, Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) climbed 2½ points to 83¾ bid.
Elsewhere in the space, Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) were not active in secondary trading over Thursday’s session after the issue was downgraded, a source said.
The notes were last seen in light trading at the 61 bid area on Wednesday after heavy trading last week pushed the notes up to 58½ bid from 55¼ bid in late January.
On Thursday, Moody’s Investors Service lowered the ratings on the 8¼% bonds to Caa3 from Caa2.
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