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Wesco bonds under pressure; Transocean, PBF soften along with oil; China Evergrande up
By Cristal Cody
Tupelo, Miss., Sept. 9 – Wesco Aircraft Holdings Inc.’s secured notes sold off further on Thursday.
The bonds declined about 1½ points, going out about 5 points down on the week, a source said.
Wesco’s 9% senior secured notes due 2026 (Caa3/CCC+) slid to 84¾ bid by the close, down 1½ points on the day after trading 1¾ points weaker on Wednesday and off 1½ points on Tuesday.
Secondary volume totaled nearly $20 million on Thursday.
Energy bonds mostly softened in light trading amid a backdrop of weaker oil prices over the session.
Transocean Inc.’s 7¼% senior notes due 2025 (Ca/CCC+) dropped 1 point to 77½ bid in just one trade seen Thursday, a source said.
PBF Holding Co. LLC’s paper was mixed but mostly gave back about ½ point to 1¼ points during the session.
PBF’s 6% senior notes due 2028 (B3/B) softened ½ point to 58½ bid.
In other distressed issues, China Evergrande Group’s dollar bonds saw improvement.
The 11½% secured notes due 2023 (C/CCC-/CCC) rose 1 7/8 points to 27 3/8 bid by the close, according to a market source. Secondary volume was light with $1 million of paper traded.
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