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AMC bonds continue rebound; Carvana, Qurate Retail, Embarq move up; Adani down
By Cristal Cody
Tupelo, Miss., Feb. 2 – AMC Entertainment Holdings, Inc.’s paper continued to trade heavily in the distressed debt market on Thursday.
The 7½% senior secured first-lien notes due 2029 (Caa1/B-) picked up 3 1/8 points to go out at 65 bid on $22.5 million of volume, a source said.
Carvana Co.’s notes rallied about 4½ points to 7 points.
Carvana’s 5 5/8% notes due 2025 (Caa2/CCC) were up more than 6 points at 58½ bid on $14 million of volume by the close, according to a market source.
Qurate Retail Inc. saw gains with the 8½% senior debentures due 2029 (B3/CCC) up 3¼ points at 51 bid, while its CDS spreads also tightened more than 350 basis points this week, sources said.
Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC/CCC) were trading 7/8 point better at 50 1/8 bid in strong supply that moved past $12 million.
Adani Group’s paper saw more declines.
Adani Green Energy Ltd.’s 4 3/8% senior secured notes due 2024 (Ba3) dropped 11 points to 62 bid on $2.5 million of volume, a source said.
In other emerging markets distressed paper, Light Services de Eletricidade’s 4 3/8% senior notes due 2026 (Ba3//CCC+) rallied 3¾ points to 59¾ bid on more than $23 million of supply on Thursday.
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