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AMC extends gains; National CineMedia up; sell-off continues in China Evergrande bonds
By Cristal Cody
Tupelo, Miss., Sept. 14 – AMC Entertainment Holdings, Inc.’s secured and subordinated notes remained higher Tuesday after the paper rallied about 2½ points and 5½ points, respectively, on Monday.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) picked up another ¼ point to ½ point in heavy trading to head out at 95 1/8 bid, a source said.
National CineMedia, LLC’s notes improved nearly 1 point to 1 1/8 points during the session after trading about 2½ points to over 2¾ points higher on Monday.
The 5¾% senior notes due 2026 (Caa3/CCC+) traded Tuesday about 1 1/8 points better at 76 1/8 bid.
“There was continued strength in AMC and National CineMedia in the theater space,” the source said.
In other distressed issues, China Evergrande Group’s dollar bonds sold off Tuesday after the company announced it has hired financial advisers.
China Evergrande Group’s 11½% secured notes due 2023 (C/CCC-/CCC) dropped over 4¼ points to 26 3/8 bid by late afternoon.
Market action was busier at the start of the session.
“There were a lot of buyers in the morning and they disappeared in the afternoon,” a market source said.
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