Bausch Health notes active; Telesat gains; Cinemark, AMC Entertainment rally continues

By Abigail W. Adams

Portland, Me., May 31 – It was a relatively quiet return from the Memorial Day weekend in the distressed debt space although several badly battered credits continuing to rally despite a pause in the broader market.

The reopening trade returned to focus on Tuesday as investors digest earnings from the retail, entertainment and leisure and travel sectors, a source said.

AMC Entertainment Holdings, Inc.’s and Cinemark Holdings, Inc.’s junk bonds continued to gain.

Bausch Health Cos. Inc.’s 5% senior notes due 2028 were active although little changed after a strong rally the previous week.

Telesat Corp.’s 6½% senior notes due 2027 continued to add in heavy volume.

Investors were showing renewed confidence in the entertainment and leisure companies with AMC and Cinemark both extending their rallies despite a pullback in broader markets.

AMC’s 7½% first-lien senior notes due 2029 (Caa1/B-) extended their rally after closing out the previous week strong.

The notes rose another 1¼ points on Tuesday to close the day at 91¾.

The yield on the notes was now 9.171%.

Cinemark’s 5¼% senior notes due 2028 also continued to add after last week’s surge.

The notes rose another 1 point to close the day at 90 with a yield of 7.3%, according to a market source.

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