Sunac, Logan Group bonds rally; Kaisa mostly flat; 99 Cents, National Cinemedia lower

By Cristal Cody

Tupelo, Miss., Jan. 19 – Bonds in China’s distressed property developer space rallied on Wednesday following news reports that China will draft new rules to ease funding access for property developers.

Sunac China Holdings Ltd.’s 6½% notes due 2023 (B1/B) shot up 21½ points to 62 bid, a source said.

Volume was light with $1 million of paper changing hands.

Logan Group Co. Ltd.’s 5¼% senior notes due 2023 (Ba3//BB) jumped nearly 11¾ points to just under 83 bid on $1 million of supply.

Meanwhile, Kaisa Group Holdings Ltd.’s 9 3/8% senior notes due 2024 (C//C) traded about ½ point better from where the paper was last seen ahead of the holiday weekend at 19½ bid, a source said.

Overall distressed secondary action was light during the session with heavier volume concentrated in higher-rated junk issuers, including GrubHub Holdings Inc. and Fertitta Entertainment LLC, formerly known as Golden Nugget LLC, a source said.

Discount retailer 99 Cents Only Stores LLC’s 99 Escrow Issuer Inc.’s 7½% senior secured notes due 2026 (Caa2/B-) were quoted down about 1¼ points at 77 bid on less than $1 million of secondary action.

Cinema advertising company National CineMedia, LLC’s 5¾% senior notes due 2026 (Caa3/CCC) were modestly weaker on Wednesday but down over 1 point since Friday in light trading at 75¾ bid.

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