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Mallinckrodt declines; PBF active; Shelf Drilling, Talen up; China Evergrande declines
By Cristal Cody
Tupelo, Miss., Sept. 24 – Distressed pharmaceutical and energy names were among the most active bond issues in the secondary market on Friday.
“There’s not a whole lot going on in distressed,” a trader said. “We still have a lot of new high-yield issues.”
Mallinckrodt LLC’s 5¾% notes due 2022 had been quiet all week until the bankrupt pharmaceuticals maker’s issue racked up $23 million of secondary trading on Friday.
The notes headed out at 58½ bid, down about 2 points from a week ago.
PBF Holding Co. LLC’s 6% senior notes due 2028 (Caa1/B/B+) were mostly flat at the 63 bid area on more than $14.5 million of volume.
Talen Energy Supply LLC saw a “decent amount” trading during the session, a source said.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) rose ¼ point to 56¼ bid, 5¾ points better on the week.
Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) rallied 1¼ points to 78 bid on light volume of $1.5 million.
The distressed China property developer space was mostly soft on Friday as investors wait on if China Evergrande Group will default on its debt.
China Evergrande Group’s 8¾% senior notes due 2025 (C/C/C) dropped nearly 3½ points to 26¾ bid on $3 million of supply.
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