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Transocean gains 2 points as oil prices climb; Talen higher; TPC quiet; Evergrande up
By Cristal Cody
Tupelo, Miss., March 21 – Market tone softened on Monday following a heavy round of quarterly earnings releases with stock indices down across the board.
Transocean Inc.’s 7½% senior notes due 2031 (Ca/CCC) were quoted 2 points better on Monday at 69 bid on more than $5.5 million of secondary volume, a source said.
Talen Energy Supply LLC’s senior notes were trading higher over the session in strong activity after ending the prior week about 4½ points to 8¼ points softer.
Talen’s 6½% senior notes due 2025 (Caa2/CCC/CCC) rallied 3 points to 30¼ bid on $9 million of volume, a source said.
Elsewhere, TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/D/C) have been thinly traded as the company faces a default after missing debt payments in February. TPC reports its fourth-quarter earnings on Thursday.
The 10½% notes were last seen trading on March 8 at 51 bid, down 6 points from February.
China Evergrande Group’s dollar bonds rose on Monday following an announcement that trading in its stock was halted on the Hong Kong Stock Exchange.
Evergrande’s 8¾% senior notes due 2025 (C//C) were seen as much as 1¼ points better before ending the day up nearly ¾ point at a print of 12.95 on $10.6 million of secondary volume, a source said.
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