TransDigm, Ford active on light trading day; AMC improves; junk funds lose $4.568 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 25 – The junk bond secondary space saw its first green session of the week with the cash bond market up ¼ point on a strong day for risk assets.

TransDigm Group Inc.’s 6¼% senior notes due 2026 (Ba3/B+) were the most actively traded issue in the secondary space although with little movement in price following an analyst report that saw the company’s bonds as undervalued.

Ford Motor Co.’s recently priced 6.1% senior green notes due 2032 (Ba2/BB+) improved alongside the broader market although the notes remained below par.

However, trading volume in Ford’s most recent offering began to subside with Ford’s 4¾% senior notes due 2043 the most active issue in the company’s capital structure.

AMC Entertainment Holdings Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were higher in active trading with the notes paring their losses from earlier in the week.

Meanwhile, high-yield mutual and exchange-traded funds saw one of the largest outflows of the year with $4.568 billion leaving the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flows report.

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