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Transocean softens; CineMedia sinks; Bausch improves; Country Garden quiet; defaults up
By Cristal Cody
Tupelo, Miss., Sept. 19 – Transocean Inc.’s 7¼% senior notes due 2025 (Ca/CCC) fell more than ¾ point in active supply that saw more than $10 million of paper traded on Monday.
The issue was quoted in the 83 bid range on Monday, a source said.
National CineMedia, LLC’s 5¾% senior notes due 2026 (Caa3/CCC-) sank 7½ points to 24½ bid on $5.8 million of volume over the day, according to a market source.
Bausch Health Cos. Inc.’s notes perked up with the 4 7/8% secured notes due 2028 (B3/B/BB-) 3¼ points better at 65¾ bid on $1.34 million of volume, a source said.
In distressed emerging markets issues, Country Garden Holdings Co. Ltd.’s dollar notes stayed quiet in the secondary market on Monday with activity last seen ahead of the weekend and the downgrade from S&P Global Ratings.
S&P said in a report Monday that U.S. defaults in August alone account for 25% of the regional year-to-date total.
The global corporate default tally rose to 53 as of Aug. 31 following 10 defaults during the month.
One-third of the defaults were from the U.S. health care sector, S&P said.
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