AMC Bonds Hold Gains After Meme Stock Selloff: Is It A Better Bet Than Buying Shares?
AMC Bonds Hold Gains After Meme Stock Selloff: Is It A Better Bet Than Buying Shares?
Shares of AMC Entertainment Holdings Inc. (NYSE:AMC) have experienced extreme volatility in recent weeks, ignited by the return of Keith Gill—also known as Roaring Kitty — to social media. This resurgence has sparked a meme-stock frenzy reminiscent of the wild trading days of 2021.
最近几周，AMC娱乐控股公司（纽约证券交易所代码：AMC）的股价经历了极大的波动，这是基思·吉尔（又名Roaring Kitty）重返社交媒体引发的。这种复苏引发了模因股狂潮，让人想起2021年的疯狂交易日。
After closing at $2.91 on Friday, May 10, AMC Entertainment's stock skyrocketed to as high as $11.88 on Tuesday, May 12, marking an approximate 300% spike before plummeting to Tuesday's price of $4.73 per share.
在5月10日星期五收于2.91美元之后，AMC Entertainment的股票在5月12日星期二飙升至11.88美元，涨幅约300％，然后跌至周二的每股4.73美元。
Chart: AMC's Wild Ride During May 2024 Meme Stock Mania
图表：2024 年 5 月 AMC 的 Wild Ride Meme Stock Mania
Yet this wild volatility in AMC shares has not been mirrored by similar movements in the company's bonds.
然而，该公司债券的类似走势并未反映出AMC股票的这种剧烈波动。
AMC's 10%-coupon bond maturing in June 2026, which was part of last year's debt exchange, increased by approximately 15 points last week to 87 cents on the dollar and has maintained most of those gains.
AMC于2026年6月到期的10％息票债券是去年债务交易所的一部分，上周按美元汇率上涨了约15点至87美分，维持了大部分涨幅。
The yield to maturity for this bond is around 30%, meaning an investment of $10,000 could potentially generate about $6,000 in gains if AMC pays back the bond at maturity. Comparatively, an equity investor would need the stock to perform significantly better to achieve similar returns over the same period.
该债券的到期收益率约为30％，这意味着如果AMC在到期时偿还债券，10,000美元的投资可能会产生约6,000美元的收益。相比之下，股票投资者需要股票表现明显好于同期才能获得相似的回报。
Is Investing In AMC Bonds Worth The Risk? S&P Global Raises Concerns
投资AMC债券值得冒险吗？标普全球引发担忧
While AMC bonds offer highly appealing returns, high yields often come with a similarly high risks.
尽管AMC债券提供极具吸引力的回报，但高收益通常伴随着同样高的风险。
High-yield bonds, often referred to as "junk bonds," such as those issued by AMC, are typically issued by companies with lower credit ratings, reflecting a higher risk of default.
高收益债券，通常被称为 “垃圾债券”，例如AMC发行的债券，通常由信用评级较低的公司发行，这反映了较高的违约风险。
S&P Global Ratings highlighted this concern in February 2024, downgrading AMC from "CCC+" to "SD" (selective default).
标普全球评级在2024年2月强调了这一担忧，将AMC的评级从 “CCC+” 下调至 “SD”（选择性违约）。
The rating agency noted that AMC completed several debt-for-equity exchanges in the fourth quarter of 2023. In total, the company exchanged $123 million of its 10%/12% cash/payment-in-kind (PIK) second-lien notes due 2026 for approximately 16.7 million shares of its Class A common stock.
该评级机构指出，AMC在2023年第四季度完成了几次债转股交易。该公司总共将2026年到期的10％/12％现金/实物支付（PIK）第二留置权票据中的1.23亿美元兑换了约1,670万股A类普通股。
"We view these transactions as distressed and tantamount to a default," analyst Oliver Vandestouwe wrote in a report. This is because "lenders will receive less than the original promise of the securities due to the deferral of payment and subordination, which is not offset by adequate compensation."
分析师奥利弗·范德斯托威在一份报告中写道：“我们认为这些交易不景气，无异于违约。”这是因为 “由于延期付款和从属关系，贷款人获得的收益将低于证券最初的承诺，而充足的补偿并未抵消这一点。”
Additionally, S&P Global views AMC's capital structure as unsustainable and subject to default risk given its heavy debt burden and limited free operating cash flow.
此外，鉴于AMC沉重的债务负担和有限的自由运营现金流，标普环球认为AMC的资本结构不可持续，并存在违约风险。
AMC Price Action: AMC shares were trading down 2.07% at $4.73 late in Tuesday's session.
AMC价格走势：周二晚些时候，AMC股价下跌2.07％，至4.73美元。
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照片来自 Shutterstock。