Talen paper declines; distressed secondary action thin as Fed hikes rates; AMC on mend

By Cristal Cody

Tupelo, Miss., March 16 – Talen Energy Supply LLC’s bonds continued to weaken in the secondary market on Wednesday with the paper down over 1½ points to 2¼ points in steady trading.

Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) dropped 2¼ points after shedding nearly 3½ points on Tuesday.

The issue traded late afternoon at 31¾ bid on over $4.55 billion of volume, a source said.

Talen’s 6½% senior notes due 2025 (Caa2/CCC/CCC) also traded over 1½ points weaker on Wednesday at a print of 29.62 in heavier secondary supply of more than $7.34 million.

The bulk of distressed secondary supply was mostly limited to emerging markets issues following the Federal Reserve’s rate hike, a source said.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) climbed nearly 2 points over the session before pulling back and going out 3/8 point better at 86½ bid, a source said.

The notes were off 7/8 point on Tuesday following AMC’s announcement it invested in a gold and silver mine.

AMC’s 7½% first-lien notes due 2029 that priced in February at par were up 1 5/8 points at 95½ bid in heavier trading supply of $20.25 million.

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