AMC higher; PBF, Transocean decline; China dollar bonds mostly stable; Evergrande soft

By Cristal Cody

Tupelo, Miss., Aug. 9 – Distressed bonds in reopening sectors improved on Monday while energy bonds mostly softened as oil prices sank more than $1.50 over the session.

Movie theater owner AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 1¼ points to 86 bid after the company reported strong second-quarter revenue, a source said.

In the energy space, PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) pulled back on Monday by ¼ point to 88½ bid, a source said.

Transocean Inc.’s 8% debentures due 2027 (C/CCC) fell 1 7/8 points to 68 1/8 bid.

Meanwhile, China Evergrande Group’s dollar bonds traded flat to softer after S&P Global Ratings on Friday downgraded the company a second time in less than two weeks.

The 9½% senior notes due 2024 (Caa2/CCC-/CCC) fell about 1½ points to 42¼ bid, a source said.

The Chinese real estate developer’s bonds have plunged about 40 points since June.

China Huarong Asset Management Co., Ltd.’s notes were stable as investors wait on if the company will file 2020 financial statements before a default deadline.

The majority state-owned Beijing-based financial asset management company’s “bonds are trading in the high-60ies, unchanged for the month,” according to a BofA Securities, Inc. research note on Friday.

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