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AMC bounces back; Transocean drops; Diamond Sports steady; Endo up; Mallinckrodt off
By Cristal Cody
Tupelo, Miss., Aug. 5 – Distressed bonds overall traded a touch better Thursday as market tone improved and oil prices settled higher.
“There was a bounce back from the Delta pullback we’ve had the last week or so,” a source said. “Some of the Covid plays were back off the lows from yesterday. We’ve seen a little bounce in everything beside energy.”
AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) rose 1¼ points to 85¼ bid on more than $20 million of paper traded Thursday, a source said.
Transocean Inc.’s 6.8% senior notes due 2038 (C/CCC) dropped 2 points to 50½ bid on over $5 million of secondary volume.
Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (B2/CCC+) were flat to ½ point softer at 59½ bid, about 1 point stronger week to date.
Elsewhere, Endo International plc’s 6% senior notes due 2028 (Caa2/CCC+) gained ¾ point to head out at 65 bid.
Mallinckrodt plc’s 5¾% notes due 2022 fell ½ point to 64½ bid, 1½ points softer week to date.
Overall market tone was stronger as volatility thinned ahead of the July jobs report on Friday.
The distressed secondary space was a “touch higher” but “pretty quiet” during the session, a source said.
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