Bausch gains in active trading; AMC bonds improve; Coinbase notes shed 1 point

By Cristal Cody

Tupelo, Miss., Dec. 12 – Bausch Health Cos. Inc. stood out in secondary trading on Monday with several tranches of the issuer’s distressed paper active on more than $6 million of supply.

Bausch’s 8½% notes due 2027 (Ca/CCC/CC) climbed 2 points to head out at 54½ bid on $1.3 million of volume, a source said.

The company’s 5¼% notes due 2030 (Ca/CCC/CC) added 1¾ points to hit 49¼ bid in more active trading totaling $3 million.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rose 1¾ points to trade at 39 bid on more than $5 million of volume in one of the most active distressed bonds seen over the session, a source said.

Distressed secondary action thinned on Monday with lower-yielding junk names seen more active, according to market sources.

Focus is on monetary policy decisions from central banks, including the Federal Reserve, and November’s inflation data due this week, sources note.

Meanwhile, Coinbase Global, Inc.’s 3 3/8% notes due 2028 (Ba2/BB) shed a point over the session to head out at 55 bid in one of the most actively traded issues but were little changed from November, a source said.

Secondary volume in the name totaled $8 million.

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