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AMC paper jumps on default downgrade; Ardagh pressured; markets shake off Fed order
By Cristal Cody
Tupelo, Miss., Feb. 1 – AMC Entertainment Holdings, Inc. topped the tape on Thursday in the distressed secondary market after S&P Global Ratings dropped it to selective default.
The company’s bonds climbed about 1½ points to over 2½ points on over $18 million of trading by the end of the session, a source said.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/D) led the rally and went out over 2½ points higher at 80 bid.
The 7½% senior secured first-lien notes due 2029 (Caa1/B-) also picked up 1½ points to a quote of 66 bid.
Meanwhile, Ardagh Group SA’s paper has been among active distressed names with the paper shedding around 4 points in the last two sessions, sources said.
ARD Finance SA’s 6½% subordinated notes due 2027 (Caa3/CCC+) dropped over 2 points on Thursday to head out at 44½ bid and carrying a yield of over 36%.
On Wednesday, the bonds were down more than 2 points on a 46 handle.
Market tone swung higher on Thursday as stock indices shook off the Federal Reserve’s decision to leave rates unchanged.
“It was up, everything was,” a trader said. “The HYG was up 44 cents, junk was up 48 cents.”
The benchmark 10-year Treasury note yield fell 10 basis points to 3.86% following a 9 bps drop on Wednesday.
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