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China Evergrande perks up; Kaisa unchanged; Diamond Sports weaker; PBF notes pull back
By Cristal Cody
Tupelo, Miss., Oct. 29 – China Evergrande Group’s offshore bonds climbed in secondary trading on Friday after the real estate developer avoided default with a second overdue bond payment.
Evergrande’s 8¾% senior notes due 2025 (C/C/C) climbed 2½ points to 25½ bid, a source said.
The issue is about 3 points better on the week.
Kaisa Group Holdings Ltd.’s bonds traded mostly flat on Friday following a third downgrade this week on refinancing risks.
Kaisa’s 10 7/8% senior notes due 2023 (Caa2//CCC+) were unchanged on the day at 31 bid but going out nearly 15 points lower from the prior week.
In other distressed bonds, Diamond Sports Group LLC’s paper traded flat to weaker on Friday.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) fell 1 point to 56½ bid, according to a market source.
PBF Energy Inc.’s bonds pulled back slightly after rallying about 1½ points to 1¾ points on Thursday on a strong third-quarter earnings report.
PBF Holding Co. LLC’s 6% senior notes due 2028 (Caa1/B/B+) shed ½ point to 73 bid in light trading.
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