AMC bonds decline; QVC, Qurate Retail post improvements; First Republic Bank higher

By Cristal Cody

Tupelo, Miss., April 6 – AMC Entertainment Holdings, Inc.’s bonds fell about ½ point to more than 1 point as one of the most active names in the distressed secondary market Thursday.

Volume totaled $23.5 million, a source said.

The heavy trading came after AMC disclosed in an 8-K filing with the Securities and Exchange Commission that a court blocked its motion to lift a status quo order regarding its preferred stock issuance.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) dropped more than 1½ points to 65½ bid on $13 million of paper traded, a source reported.

QVC Inc. notes improved modestly by about ½ point on about $7 million of trading during the session, a source said.

QVC’s 4 3/8% senior secured notes due 2028 (B2/B-) rose more than ½ point to around 42½ bid on $4 million of volume.

Parent company Qurate Retail Inc.’s credit default swap spread also came in nearly 200 basis points this week.

First Republic Bank’s 4 5/8% subordinated notes due 2047 (B2/B-) got a lift along with other financial paper Thursday and traded nearly 1 point higher at around 55 bid, a source said.

Overall trading action was light on $1.6 million of volume.

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