PBF mostly softer; Transocean mixed; AMC edges higher; China Evergrade paper weakens

By Cristal Cody

Tupelo, Miss., Aug. 17 – Distressed energy bonds mostly softened in secondary trading on Tuesday as crude oil prices declined and measured market volatility climbed more than 10%.

PBF Holding Co. LLC’s bonds were flat to softer with the 7¼% senior notes due 2025 (B3/B+/B+) down about 1 point at 56½ bid, a market source said.

Transocean Inc.’s bonds were mixed by the close. The offshore driller’s 7½% senior notes due 2031 (Ca/CCC) improved about 2 points to 57½ bid.

Elsewhere, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) picked up ½ point to 88 bid in light trading action during the session.

In distressed emerging markets issues, China Evergrande Group’s dollar bonds slid further on Tuesday following reports the company’s chairman will step down as chairman from its property unit.

The 8¼% senior notes due 2022 (Caa2/CCC-/CCC) dropped about 4 points to 52 bid after softening ½ point on Monday.

China Evergrande’s 9½% senior notes due 2024 (Caa2/CCC-/CCC) fell about 2½ points to just below 40 bid in thin trading after sliding nearly 4 points at the start of the week.

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