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AMC bonds dominate market; American Airlines better; Energy Transfer up; Valaris active
By Cristal Cody
Tupelo, Miss., Jan. 29 – AMC Entertainment Holdings, Inc.’s bonds continued a weeklong rally on Friday in heavy secondary trading.
The company’s 12% second-lien senior secured notes due 2026 (Ca/C) climbed more than 7½ points to 73 5/8 bid, a source said. The notes traded in the same session a week ago at 39½ bid and at the start of the year at 27 bid.
AMC’s 10½% first-lien senior secured notes due 2025 (Caa2/CCC) hit 102 bid, up 1 point on the day and 13 points higher from the same session last week.
The issue traded at the start of January at 73½ bid.
Looking at the Covid-19-impacted airlines, American Airlines Group Inc.’s bonds were about 1 to 2 points better in heavy volume on Friday, a source said.
The company’s 3¾% senior notes due 2025 (Caa1/CCC/CCC) rose to 76 5/8 bid after adding 3¼ points on Thursday.
Separately, Energy Transfer Operating LP’s 3.232% junior subordinated notes due 2066 (Ba1) improved more than 1½ points to 70½ bid on Friday, a source said.
And bankrupt offshore drilling contractor Valaris plc’s 5¾% notes due 2044 saw heavy volume over the session with the bonds trading at 7 bid, flat from the prior day and down about ¾ point from Wednesday, a source said.
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