Distressed Rig Operator Transocean’s Bonds Rise as Oil Hits $75

Transocean Ltd.’s unsecured bonds are leading gainers in the high-yield market Thursday after rising oil prices bouyed prospects for the troubled operator of offshore oil and gas rigs.

• The company’s 7.5% notes due 2031 rise 2 cents on the dollar to 76 cents, yielding ~11.5%, according to Trace data
  • The 6.8% bonds due 2038 add 1.38 cents to 66.63 cents
  • The 9.35% notes due 2041 advance 1.38 cents to 75.5 cents
  • The 8% notes due 2027 rise 1.83 cents to 86 cents
• Oil topped $75 a barrel for the first time since October 2018 ahead of an OPEC+ meeting ...