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Published on 7/26/2021 in the Prospect News High Yield Daily.

Evergrande, AMC slip; Endo, Intelsat Jackson flat; Mallinckrodt up; Transocean, PBF dip

By Cristal Cody

Tupelo, Miss., July 26 – China Evergrande Group’s bonds dropped 1¾ points to 2¼ points following the company’s downgrade on Monday by S&P Global Ratings.

China Evergrande Group’s 10% senior notes due 2023 (B3/CCC+) softened 1¾ points to 57 bid on $5 million of paper traded, a source said.

AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) fell ¼ point to 89¾ bid with the notes quoted about 12¼ points weaker month to date.

Endo International plc’s bonds steadied with the 6% senior notes due 2028 (Caa2/CCC+) mostly flat after ending Friday about 10 points better on the week.

Mallinckrodt LLC’s paper climbed about ¼ point to 1¼ points during the session.

Intelsat Jackson Holdings SA’s notes were mostly unchanged after the company’s Chapter 11 bankruptcy statement hearing was adjourned.

In the energy space, Transocean Inc.’s notes fell 1 point to 2½ points with the 8% debentures due 2027 (C/CCC) quoted off 1 point at 75¼ bid on $2 million of trading supply.

PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) fell ¼ point to 92 bid on more than $16 million of issues traded, a source said.


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