Pharmaceutical bonds gain; Hertz, Peabody Energy notes soften; AMC Entertainment rises

By Cristal Cody

Tupelo, Miss., Feb. 10 – Pharmaceutical bonds traded better in the distressed secondary market on Wednesday.

Pharmaceutical manufacturer Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) continued to see heavy trading during the session with the notes heading out better at 88 1/8 bid from 88 bid on Tuesday and 87½ bid on Monday, a source said.

Pharmaceuticals maker Mallinckrodt plc’s 5½% notes due 2025 climbed to 50 bid in strong secondary volume on Wednesday, according to a market source. The notes were last seen trading Friday at 47½ bid.

In other distressed secondary trading, car rental company Hertz Corp.’s 5½% notes due 2024 softened about ½ point to 68½ bid over the session but remain better than where the notes traded with a 64 handle last week, a source reported.

Meanwhile, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) improved ¾ point to 61¾ bid late Wednesday afternoon, a source noted. The issue softened 3 5/8 points in the previous day and traded down 7/8 point on Monday.

Separately, coal producer Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) declined in heavy secondary supply over the day, a source said. The notes softened about 1 point to 54¼ bid.

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