Coinbase notes slide after SEC charges; Diebold Nixdorf paper lower; AMC bonds up

By Cristal Cody

Tupelo, Miss., June 6 – Coinbase Global, Inc.’s bonds dominated junk and distressed secondary trading on Tuesday after the Securities and Exchange Commission announced it charged the crypto company with operating as an unregistered national securities exchange, broker and clearing agency.

Coinbase’s paper declined about 2¾ points to 4 points on about $70 million of volume, a source said.

The charges came a day after the SEC announced Monday that it charged crypto asset trading platform provider Binance Holdings Ltd. with 13 securities law violations.

Coinbase’s 3 3/8% senior notes due 2028 (B1/B) slid 4 points to 60¼ bid on nearly $42 million of trading by the close.

The 3 5/8% senior notes due 2031 (B1/B) were down 2¾ points at 56 bid on $28 million of secondary action.

Coinbase’s stock (Nasdaq: COIN) closed down $7.10, or 12.09%, at $51.61 on Tuesday.

In distressed paper, Diebold Nixdorf Inc.’s 9 3/8% senior secured notes due 2025 (Ca/D) softened 3 points to 14 bid in light trading totaling about $1 million, a source said.

One distressed name that stood out due to gains was AMC Entertainment Holdings, Inc., according to a market source.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rallied over 2 points to around 67 bid on $10.25 million of volume.

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