Diamond Sports lower; PBF gives back; Evergrande paper flat; Sunac quiets; Kaisa down

By Cristal Cody

Tupelo, Miss., Jan. 14 – Diamond Sports Group LLC’s notes headed out on Friday down about 2 7/8 points to 3¼ points on the week following a downgrade from S&P Global Ratings.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CC) were about ½ point softer near the 50¼ bid area and down from 53½ bid a week ago, a source said.

The bonds had improved on Thursday after Diamond Sports and parent Sinclair Broadcast Group Inc. announced a $600 million new money transaction and debt exchange offer.

BofA Securities Inc. analysts noted on Friday in a research report that Diamond Sports has been on their “default watchlist for a while.”

The most active distressed issue was seen from PBF Energy Inc. with over $7.15 million of trading volume on Friday, a source said.

PBF’s 7¼% senior notes due 2025 (Caa1/B/B-) softened 1 7/8 points to 81½ bid.

Meanwhile, China Evergrande Group’s 8¾% senior notes due 2025 (C/C/C) went out mostly unchanged at 12 bid after dropping 1½ points earlier in the day.

Sunac China Holdings Ltd.’s offshore bonds were quiet after sliding about 6 points in the prior session.

Kaisa Group Holdings Ltd.’s 9 3/8% senior notes due 2024 (C//CCC-) traded nearly 2 points lower at the 19 bid area.

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