Distressed supply thin; AMC soft; Diamond Sports flat; Transocean gains; Evergrande up

By Cristal Cody

Tupelo, Miss., Jan. 5 – While the high-yield space started to see a trickle of bond deals print on Tuesday and Wednesday, secondary action has been thin in the lower-rated and distressed spaces in the first week of 2022.

The front half of the week has seen trading mainly in split-rated and higher-grade junk bonds that are “basically IG,” a source said.

Distressed secondary action this week has been mostly in issuers including AMC Entertainment Holdings, Inc., Diamond Sports Group LLC, Transocean Inc. and PBF Energy Inc., according to market sources.

AMC’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) traded 1 point weaker on Wednesday at 97½ bid.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) were unchanged a second day at 50¾ bid.

Bonds in the oil and gas space were flat to over 2 points better as oil prices held stronger a third day.

PBF Energy’s paper was stable to about ¼ point higher.

Transocean’s 8% debentures due 2027 (C/CCC) rallied about 2½ points to 78½ bid.

In China’s distressed property developer space, China Evergrande Group’s 8¾% senior notes due 2025 (C/C/C) improved ½ point to 14 bid, a source said.

© 2015 Prospect News.
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