China Evergrande improves; Sunac extends declines; PBF notes edge lower; EnLink quiet

By Cristal Cody

Tupelo, Miss., Oct. 21 – China Evergrande Group’s paper improved about 2¼ points to 2½ points in light trading on Thursday after reports that it had received an extension on a defaulted bond.

China Evergrande’s 8¾% senior notes due 2025 (C/C/C) were up about 2¼ points at the 22¼ bid area in light trading on Thursday, a source said.

Sunac China Holdings Ltd.’s dollar notes remained softer a third day.

The property developer’s 7% senior notes due 2025 (B1/BB-) fell about 1½ points to the 76 bid range after sliding 7¾ points in the prior session.

“Contagion has surfaced across parts of China’s homebuilding sector, triggered by the distress of Evergrande and aggravated by subsequent credit events involving other developers,” according to a Fitch Ratings report on Thursday.

Energy bonds were mixed in light secondary action as oil gave back some gains.

Petroleum refiner PBF Holding Co. LLC’s notes are active but trading slightly weaker in the secondary market this week, sources said.

PBF’s 6% senior notes due 2028 (Caa1/B/B+) were down less than ¼ point at the 71¼ bid area in strong trading by late afternoon.

EnLink Midstream Partners LP’s 6% perpetual preferreds (B1/B+/BB-) quieted with the issue last seen on Wednesday trading up over 2¼ points at 80¾ bid.

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