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Diamond Sports higher; Endo edges down; Mallinckrodt improves; Kaisa, Evergrande soften
By Cristal Cody
Tupelo, Miss., Nov. 10 – Diamond Sports Group LLC’s bonds rallied another 2 points in trading on Wednesday with the paper higher following parent Sinclair Broadcast Group Inc.’s announcement that it had taken on a portion of the company’s debt.
“The whole structure's up,” a source said.
Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) headed out at 32 bid.
Trading was light in “opioid names” following Tuesday’s ruling from Oklahoma’s Supreme Court that tossed out a $465 million opioid-claim related verdict against Johnson & Johnson, a source said.
Endo International plc’s 6% notes were down ¼ point at 76 3/8 bid.
Mallinckrodt plc’s 5¾% senior notes improved about ¼ point to 57½ bid.
Looking at China property developers, Kaisa Group Holdings Ltd.’s paper remained weak following another ratings downgrade on the heels of a missed debt payment.
Kaisa Group’s dollar 11½% senior notes due 2023 (C//CCC-) fell about 1½ points to 28½ bid.
China Evergrande Group’s paper was mixed with the 8¾% senior notes due 2025 (C/C/C) down ½ point at 24½ bid as the company reportedly made a bond payment on Wednesday.
“They’re wrapped around 25,” a source said of the company’s paper, “about a point or 2 better on the whole curve.”
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