AMC Entertainment, AerCap bonds jump; Hertz, Transocean, Occidental Petroleum improve

By Cristal Cody

Tupelo, Miss., Jan. 7 – Distressed paper saw several gains in the entertainment, travel and energy spaces on Thursday.

AMC Entertainment Holdings, Inc.’s bonds climbed in back-to-back sessions, a source said.

The theater owner’s 10½% first-lien secured notes due 2025 (Caa2/CCC) jumped 6 points to 79 bid after rising 3 points on Wednesday.

Aircraft leasing company AerCap Holdings NV’s bonds also were trading stronger with the 3.23% notes due 2065 going out up 1¾ points at 71 bid, a source said.

Meanwhile, car rental operator Hertz Corp.’s notes recovered some losses from Wednesday’s session.

The company’s 5½% senior notes due 2024 traded up 1½ points to 52¾ bid, a market source said.

The notes shed 2¾ points during Wednesday’s session.

The S&P U.S. High Yield Corporate Distressed Bond index ended Wednesday up 0.74% with a month- and year-to-date total return of 1.67%.

Elsewhere, offshore driller Transocean Ltd.’s distressed paper continued to gain in trading during the session, a source said.

The company’s 7½% senior notes due 2026 (C/CCC-), which traded Tuesday up 1¾ points at 48¾ bid, were quoted Thursday 1 point better at 49½ bid.

Occidental Petroleum Corp.’s 4.4% senior notes due 2046 (Ba2/BB-/BB) also rose 1¾ points during the session to head out at 89½ bid.

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