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CHS higher; AMC up; Country Gardens sinks at November open; Evergrande deteriorates
By Cristal Cody
Tupelo, Miss., Nov. 1 – CHS/Community Health Systems, Inc.’s paper saw new gains in the distressed space on Tuesday.
The 6 1/8% senior secured notes due 2030 (Caa2/CCC) were up about 1¼ points at 42½ bid after ending October down more than 5 points, a source said.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) saw moderate gains after closing October weaker by 15 points since September.
The bonds traded about ½ point stronger at 53¾ bid, a source said.
In other distressed markets, Country Garden Holdings Co. Ltd.’s paper opened November down about 9¾ points following a downgrade on Monday from Fitch Ratings.
The issue traded as high as 17 bid early in the session before dropping to the 15½ bid range by late afternoon, a source said.
The space has seen numerous defaults since late 2021 from issuers that include China Evergrande Group, Kaisa Group Holdings Ltd. and Fantasia Holdings Group Co. Ltd.
China Evergrande’s paper is now trading in the 3½ bid to 4¾ bid area.
Evergrande’s 8¾% notes due 2025 slipped 1/8 point to 3½ bid on about $2 million of secondary action on Tuesday, a source said.
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