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China Evergrande, Sunac lower; Fantasia sees gains; Midas bonds climb higher; Talen off
By Cristal Cody
Tupelo, Miss., Oct. 6 – Bonds in China’s property developer space stayed mostly soft on Wednesday as debt default fears spread across the sector following China Evergrande Group’s missed bond payment last month.
China Evergrande’s 8¾% senior notes due 2025 (C/C/C) fell 1 point on the day to 20¾ bid, a market source said.
Evergrande rival Sunac China Holdings Ltd.’s paper declined in light trading on Wednesday.
The Tianjin, China-based property developer’s 5.95% senior secured notes due 2025 (B1/BB-) fell 1½ points to 74 bid, a source said.
Fantasia Holdings Group Co. Ltd.’s 10 7/8% senior notes due 2023 (CC/C) improved over 2½ points to the 21 bid area after sinking to 18½ bid on Tuesday.
Meanwhile, bonds from Midas Intermediate Holdco II LLC, doing business as Service King, soared over 8½ points to 99¼ bid by the close, a source said.
The bonds traded as low as 74½ bid in mid-August.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (B3/CCC/B-) dropped 2 points on the day to 53 bid.
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