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Ukraine ag bonds plunge; Transocean softens; Envision recovers; AMC notes decline
By Cristal Cody
Tupelo, Miss., Feb. 24 – Bonds softened in heavy selling as Russia’s attack on Ukraine rattled investors on Thursday.
“It was kind of a kneejerk reaction lower and wider,” a source said. “Everything traded off 1 to 2 points out of the chute. Even energy was off, despite that oil rallied, but it’s all kind of pulled back at the end of the day.”
Ukraine poultry and grain producer MHP SE’s 6.95% senior notes due 2026 (B/B+) plunged 33¼ points to 38 bid, a source said.
Kernel Holding SA’s paper continued to sink with the Ukrainian agricultural commodities company’s 6½% senior notes due 2024 (B+/BB-) headed out down 33½ points at 45 bid.
In other issues, Transocean Inc.’s 7¼% senior notes due 2025 (Ca/CCC+) declined about 1¼ points to the 77½ bid area, a source said.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) dropped 1 7/8 points to 89¾ bid on $21.25 million of secondary volume.
Among the few distressed issuers trading higher on Thursday, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) reversed the previous day’s losses with the issue up 4 points at 50 bid.
“There were very few names that were unchanged – even more Treasury-sensitive, very strong BB-type names were lower,” a source noted.
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