Transocean lower as oil sinks; Endo, Mallinckrodt edge higher; Exela mostly unchanged

By Cristal Cody

Tupelo, Miss., Nov. 3 – High-grade and junk bond primary and secondary activity slowed on Wednesday with the focus on the Federal Reserve’s monetary policy announcement.

“Everything was kind of at a halt because of that,” a source said. “Everyone was just waiting, and now they’ve said they’re going to taper starting in November, December, so tomorrow should pick up. We do have a couple of things we’re looking at that should be pricing this week.”

Distressed energy names saw a “little bit of movement” on Wednesday as oil sank about $3 a barrel, a source said.

Transocean Inc.’s 7½% notes due 2026 (Ca/CCC+) were down about 1½ points at the 78½ bid area in thin trading.

In the pharmaceuticals space, Endo International plc’s notes edged higher after rallying 2 points to 4 points on Tuesday following a California state court win in an opioid-related lawsuit.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC-) improved more than ½ point to trade near the 75 bid area.

Mallinckrodt plc’s 5¾% notes due 2022 added 1 3/8 points after picking up 3 7/8 points on Tuesday.

In other distressed paper, Exela Technologies, Inc.’s notes were mostly unchanged at the 82½, 83 area.

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