Coinbase up in distressed trading; AMC paper gives back nearly 10 points; Diebold down

By Cristal Cody

Tupelo, Miss., Nov. 22 – Several distressed names saw an uptick in secondary trading with some issues among the most active junk bonds traded on Tuesday.

Coinbase Global, Inc.’s notes improved after Moody’s Investors Service said it placed the issuer and the senior bond ratings on review for downgrade.

Coinbase’s 3 3/8% notes due 2028 (Ba2/BB) rose ¾ point to the 55¼ bid area on $11.8 million of volume, a source said.

The notes have added about 1¾ points since Friday.

Meanwhile Tuesday, AMC Entertainment Holdings, Inc.’s notes fell more than ¾ point to more than 2 points.

AMC’s 7½% notes due 2029 (Caa1/B-) were down nearly 2¾ points at the 54 bid area on secondary volume totaling more than $11 million, a source said. The notes have given back nearly 10 points over the past week.

Diebold Nixdorf Inc.’s bonds also remain weak since the company reported a heavy third-quarter loss earlier in the month.

Diebold Nixdorf’s 9 3/8% senior secured notes due 2025 (Caa2/CCC+) went out Tuesday down more than 1½ points at 69¼ bid, a market source said.

The notes were actively traded on $11.3 million of supply.

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