AMC mixed; Diamond Offshore, Transocean, Nabors, Global Marine, Callon Petroleum rally

By Cristal Cody

Tupelo, Miss., Feb. 5 – Market tone stayed strong on Friday despite a disappointing January jobs report, while distressed energy paper mostly climbed on potential higher oil prices.

The Labor Department reported non-farm payroll employment was up 49,000 in January, less than half the increase forecasted.

AMC Entertainment Holdings, Inc.’s bonds were “still active” but mixed in distressed secondary trading on Friday, a source said.

Bankrupt Diamond Offshore Drilling Inc.’s distressed paper was fairly active over the session and traded up about ½ point to 2¼ points better on the short end, a source said.

Elsewhere in the oil and gas space, offshore driller Transocean Inc.’s 11½% guaranteed senior notes due 2027 (Caa3/CCC) rose 1½ points to 80 bid during the session, a source said.

Transocean’s 6.8% senior notes due 2038 (C/CCC-/) also improved 2¼ points to 40¾ bid.

Transocean Ltd. subsidiary Global Marine Inc., one of the largest distressed names, saw its 7% senior notes due 2028 (CCC-) gain 2 points on Friday to trade at 45¾ bid.

Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) jumped 4 points over the day to 73¾ bid.

Meanwhile, Callon Petroleum Co.’s 6 3/8% senior notes due 2026 (Caa2/D) added 3¾ points to trade at 70 bid, according to a market source.

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