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Diamond Sports notes rally on debt changes; Talen higher; Kaisa lower; Evergrande quiet
By Cristal Cody
Tupelo, Miss., Nov. 8 – Diamond Sports Group LLC’s bonds climbed in early trading on Monday after parent Sinclair Broadcast Group Inc. reported it had taken on some of the sports broadcast group’s debt.
The paper drifted from the morning highs but still closed better on the day.
Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) jumped about 4½ points to hit 30 bid over the morning before going out 2½ points better on Monday at 28 bid, a source said.
In other market action, Talen Energy Supply LLC’s notes traded higher.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) rose 1½ points to 73½ bid.
Kaisa Group Holdings Ltd.’s dollar bonds softened on Monday after trading was halted in the issuer’s Hong Kong-listed shares on Friday following a missed debt payment by a company unit.
Kaisa Group’s 9 3/8% senior notes due 2024 (Caa2//CCC+) fell ½ point to 30½ bid.
The Chinese property developer space has plunged in the wake of missed debt payments from China Evergrande Group in September and Fantasia Holdings Group Co. Ltd. and Modern Land (China) Co., Ltd. in October.
Evergrande’s 8¾% senior notes due 2025 (C/C/C) were last seen active on Friday at 25 bid, down about ½ point.
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