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AMC notes decline; Embarq paper softens; Carnival bonds improve, CDS spreads widen
By Cristal Cody
Tupelo, Miss., Oct. 14 – Secondary action thinned on Friday with a few names active in the distressed bond market.
AMC Entertainment Holdings, Inc.’s and Embarq Corp.’s paper saw some of the day’s heaviest trading interest.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out Friday down 3 points at 56 bid on $13 million of secondary action following a new bond deal from the company, a source said.
The issue has dropped more than 8 points over the back half of the week.
Embarq’s 7.995% notes due 2036 (Caa2/CCC/CCC) traded off about 1¼ points on Friday to 42¾ bid in active trading totaling more than $14.5 million, a source said.
The bonds gave back about 2¼ points on Thursday.
Carnival Corp.’s 10½% senior notes due 2030 (B3/B) were among the day’s active issues and rose about 1¼ points to 73½ bid on more than $15.5 million of paper traded, a source said.
The cruise line’s credit default swap spreads eased 340 basis points to 1,993 bps for the past week ended Wednesday, according to a Moody’s Investors Service report.
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