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AMC active; National CineMedia notes improve; Callon, Transocean, Peabody decline
By Cristal Cody
Tupelo, Miss., March 23 – Distressed bonds in Covid-19 hard-hit sectors were mixed on Tuesday as swaths of the country’s businesses start to reopen.
AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) fell 3¾ points to 81 bid, a market source said.
The notes have softened from 85 bid in the same session last week.
Centennial, Colo.-based cinema advertising company National CineMedia, LLC’s 5¾% senior notes due 2026 (Caa3/CCC+) traded at 88¼ bid on Tuesday, a source reported.
The notes are up 1¼ points from the same day a week ago and more than 15 points better since the start of the year.
Energy-related bonds mostly declined over the day, sources reported.
Callon Petroleum Co.’s 6¼% senior notes due 2023 (Caa2/D) headed out down 3¾ points in secondary trading to 87½ bid.
Offshore driller Transocean Inc.’s 11½% senior guaranteed notes due 2027 (Caa3/CCC) dropped 3 points to 84¼ bid after falling 1½ points on Monday.
Oil and gas drilling contractor Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) fell 3 points to 75 bid by late afternoon.
In other distressed energy issues traded Tuesday, coal producer Peabody Energy Corp.’s 8½% senior secured notes due 2024 (Caa1/CCC-) softened 2 points to 54 bid.
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