NGL notes flat; PBF gains; AMC edges up; China Evergrande mixed; Alpha higher

By Cristal Cody

Tupelo, Miss., Aug. 12 – Energy bonds traded flat to better in light activity in the distressed secondary market on Thursday as oil prices settled lower.

NGL Energy Partners LP’s 7½% senior notes due 2026 (Caa1/CCC+) were unchanged by the close at 80 5/8 bid, according to a market source.

PBF Holding Co. LLC’s 6% senior notes due 2028 (B3/B+/B+) rose ½ point to 53 bid and trading 1½ points higher from where the issue ended the prior week.

Meanwhile Thursday, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/CCC-) improved ½ point to 87½ bid after softening 1 point in the prior session.

In distressed emerging markets issues, China Evergrande Group’s dollar bonds were mixed after trading about 1 3/8 points to nearly 5 points better on Wednesday on news the company is in discussions to sell some assets, a source said.

China Evergrande’s 11½% senior notes due 2023 (Caa2/CCC-/CCC) added 1 point to head out at 52 bid after jumping 4 3/8 points in the previous session.

Also Thursday, Alpha Holding SA de CV’s 9% senior notes due 2025 (/D/) rose about ¾ point to 12¾ bid a day after the company’s bond ratings were further downgraded.

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