Distressed energy bonds climb; Transocean, PBF improve; Nine Energy rallies; Endo up

By Cristal Cody

Tupelo, Miss., March 8 – Distressed energy paper ended higher as oil prices continued to climb on Tuesday following U.S. president Joe Biden’s announcement of a ban on imports of Russian oil, natural gas and coal.

The sanctions and economic fallout against Russia for its invasion of Ukraine continued over the day with additional announcements, including that London-based Shell plc will stop all spot purchases of Russian crude oil and close its service stations and other operations in Russia.

PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B-) were quoted nearly 3 points higher on Tuesday at 80½ bid on more than $11.89 million of paper traded.

Transocean Inc.’s bonds moved about 1 point to 2 points higher after gaining about 1¼ points to 3 points on Monday, a source said.

Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa3/D) also surged 11 1/8 points to 61¼ bid on over $8.7 million of supply following the company’s earnings conference call on Tuesday, a source said.

Meanwhile, Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) were about 1/8 point higher and better than 62¾ bid on $15.55 million of notes traded following regulatory reports of shares sold by company insiders.

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