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PBF Energy, Transocean up; AMC higher; Envision Healthcare bonds improve; Agile rallies
By Cristal Cody
Tupelo, Miss., Jan. 26 – Distressed energy-related bonds saw mostly gains along with oil prices on Wednesday.
PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) jumped nearly 2½ points to 81 bid on more than $6 million of issues traded, a source said.
Transocean Inc.’s 7¼% notes due 2025 (Ca/CC) were 2 points better on Wednesday at 81 bid by the close with secondary volume hitting $3 million.
Stocks were mixed and the junk space softened after the Federal Reserve left the target range for the Federal Funds rate unchanged while also reporting hikes are likely soon.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) traded 2 1/8 points higher at 94¾ bid on $16 million of volume, a source said.
In the health care space, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) rose 1½ points to 52½ bid over the day after softening in the prior session.
Looking at China’s distressed property developer space, Agile Group Holdings Ltd.’s 5¾% senior notes due 2025 (B) rallied 7½ points on Wednesday to 45 bid with about $4.4 million of paper changing hands, a source said.
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