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Kaisa distressed paper among most active; Transocean softens; AMC higher; CineMedia up
By Cristal Cody
Tupelo, Miss., Dec. 23 – Kaisa Group Holdings Ltd.’s paper was among the most active issues in distressed secondary trading on Thursday.
Kaisa’s 10 7/8% senior notes due 2023 (C//C) were quoted at 26¾ bid on volume totaling $4 million.
Distressed secondary activity was light with the markets shutting early at 2 p.m. ET. for the holidays.
Transocean Inc.’s 7½% senior notes due 2031 (Ca/CCC) fell over ½ point to just under 58¼ bid, a market source said.
AMC Entertainment Holdings, Inc.’s notes saw a “little bounce back up” this week off the strong movie box office numbers for Spider-Man: No Way Home, a source said.
On Thursday, AMC’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) climbed to 97 bid, about ¼ point better in the holiday-shorted session and about 3 points better on the week.
“Last week, they last traded around 93 7/8, so they’re definitely up based off of Spider-Man crushing the box office numbers,” a market source said. “They were trading down just because of the Covid scares at the end of last week.”
Cinema advertising operator National CineMedia, LLC’s 5¾% senior notes due 2026 (Caa3/CCC-) also rose over 1¼ points on Thursday to 77½ bid on volume of $2.7 million, a source said.
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