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Transocean, PBF, NGL paper up as oil climbs; AMC pulls back; Evergrande mostly quiet
By Cristal Cody
Tupelo, Miss., Jan. 4 – Energy issuers rallied on Tuesday as oil prices climbed for a second day with paper from Transocean Inc. among the most active distressed names in the secondary market.
Transocean’s 11½ senior guaranteed notes due 2027 (Caa3/CCC+) jumped 2½ points to 101½ bid on supply totaling more than $16.3 million, a source said.
Bonds from PBF Energy Inc. and NGL Energy Partners LP also gained over the day.
PBF’s 6% senior notes due 2028 (Caa1/B/B+) rose 1 5/8 points to 68 bid on $10.25 million of secondary volume.
NGL Energy’s 6 1/8% senior notes due 2025 (Caa1/CCC+) were over 1¼ points stronger at 88 bid with $1.8 million of paper changing hands.
Meanwhile, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) dropped 1.325 points to 98½ bid on $20 million of trading on Tuesday.
China Evergrande Group’s dollar notes were quiet to about ½ point better after the company reported it received orders to demolish 39 buildings, and its Hong Kong-listed shares resumed trading by the afternoon.
Evergrande’s 8¾% senior notes due 2025 (C/C/C) rose nearly ½ point to 13½ bid in thin activity, a source said.
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