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PBF, Transocean higher; Diamond Sports, Staples better; Sunac mixed; Shimao lower
By Cristal Cody
Tupelo, Miss., Jan. 12 – Energy bonds remained well bid on Wednesday with paper in the distressed space seen about 1¾ points to over 3 points higher.
PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) rose over 3 points to the 81½ bid area on over $4 million of volume, a source said.
Transocean Inc.’s paper remained stronger with the 8% debentures due 2027 (C/CCC) up 1¾ points at 79¾ bid.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (Caa1/CCC/B-) added 2 points to head out at 47½ bid.
Secondary action in Diamond Sports Group LLC’s paper thinned with the sports broadcast group’s secured and unsecured notes trading about ½ point better.
Diamond Sports’ 6 5/8% senior unsecured notes due 2027 (Ca/CC) were quoted at the 28¾ bid area.
Staples Inc.’s 10¾% senior notes due 2027 (Caa1/CCC+) were the most active in the distressed space by volume over the day with over $17 million of notes traded, a source said.
The issue was up 1 1/8 points at 95¾ bid and yielding 11.85%.
Meanwhile, Sunac China Holdings Ltd.’s offshore bonds were mixed.
Sunac’s 7¼% senior notes due 2022 (B1/BB) rallied 3¼ points to 70 bid.
Shimao Group Holdings Ltd.’s 4¾% senior notes due 2022 (B2/CCC+/BB) were quoted over 4¼ points weaker at 46½ bid.
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