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Summer trading slows; Talen mostly flat; PBF improves; AMC higher; Diamond Sports mixed
By Cristal Cody
Tupelo, Miss., Aug. 10 – Secondary market action slowed on heavy high-grade and junk bond issuance week to date and paper “trading on top of issuance,” a trader said Tuesday.
Trading remained “quiet” over the day with distressed energy bonds trending toward unchanged to better by the close as oil prices settled higher, a source said.
Talen Energy Supply LLC’s bonds were mixed with the 6½% senior notes due 2025 (B3/CCC+/B-) 1/8 point stronger at 62¾ bid.
The 7 5/8% senior secured notes due 2028 (Ba3/BB-) were unchanged to about ¼ point weaker at 91¼ bid, 92¼ offered.
PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) were up ½ point on the day at 88½ bid, 89½ offered, a trader said.
AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) climbed 2 points to trade by the close at 88 bid.
Diamond Sports Group LLC’s paper was mixed after declining Monday following parent Sinclair Broadcast Group, Inc.’s announcement that DISH Network Corp. is expected to drop all 108 of its TV stations.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (B2/CCC+) added ¼ point to head out at 58¾ bid after trading down 1½ points on Monday.
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