Talen bonds, CDS spreads weaken; Wesco bonds mixed; Telesat paper stronger on week

By Cristal Cody

Tupelo, Miss., March 31 – Talen Energy Supply LLC’s notes slid about 4 points to over 6 points in heavy trading on Thursday, while its credit default swap spreads gapped out more than 5,200 basis points this week.

Talen’s 6½% senior notes due 2025 (Caa2/CCC/CCC) were quoted about 6¾ points softer at 22½ bid with $14 million of paper traded.

Talen’s CDS spreads widened over 5,200 bps to 15,906 bps in the past week ended Wednesday, a market source said.

Market tone was volatile with stocks weaker and oil flat to weaker following president Joe Biden’s announcement of plans to tap domestic oil reserves.

Wesco Aircraft Holdings Inc.’s distressed bonds were unchanged to softer after seeing heady trading in the prior session that sent the notes up about 5 points to over 13 points, a market source said.

The company’s 9% senior secured notes due 2026 (Caa3/CCC+) were mostly unchanged at the 67 bid area after moving up nearly 5 points on Wednesday.

Telesat Corp.’s notes were mixed following a downgrade from S&P Global Ratings but trading about 1 point stronger on the week, a source said.

Telesat Canada LLC’s 6½% senior notes due 2027 (Caa1/CCC+) softened about ½ point to 48½ bid by the day’s end.

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