China Evergrande flat; Fantasia quiet; Transocean, Peabody bonds rally; AMC notes up

By Cristal Cody

Tupelo, Miss., Oct. 4 – China Evergrande Group’s dollar notes remained steady on Monday as default fears spread following a missed debt payment by Fantasia Holdings Group Co. Ltd.

Evergrande’s 8¾% senior notes due 2025 (C/C/C) were unchanged from Friday at 24 bid on over $12 million of secondary volume, a source said.

Fantasia’s 10 7/8% senior notes due 2023 (B/CCC) were last seen in the prior week down about 8½ points on the week at the 32 3/8 bid area.

Meanwhile, energy bonds sparkled as oil prices rose nearly $2.

“The WTI is up, the Brent is up, so energy is in a good spot,” a source said.

Transocean Inc.’s 9.35% notes due 2041 (C/CCC-/) climbed over 3½ points to 69 1/8 bid.

Peabody Energy Corp.’s 8½% senior secured notes due 2024 (Caa1/CCC-), up 3 points on Friday, added more than 1 point to trade by Monday’s close at 91¼ bid.

AMC Entertainment Holdings, Inc.’s 5¾% senior subordinated notes due 2025 (Ca/C) gained 1¾ points to 81¼ bid over the day.

In other distressed secondary supply, Diamond Sports Group LLC’s paper traded 1½ points to 3¾ points weaker.

Mallinckrodt LLC’s paper also was softer with the 5 5/8% notes due 2023 down over 1½ points to 50¼ bid.

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