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China property space weak; Times China, Kaisa, Sunac drop; PBF mixed; Envision flat
By Cristal Cody
Tupelo, Miss., Oct. 26 – Bond issues from China’s property developer space sank further into distressed territory on Tuesday as another company missed a bond payment.
Modern Land (China) Co., Ltd.’s offshore bonds were not active on Tuesday after Moody’s Investors Service and Fitch Ratings downgraded the company following a missed note payment due Monday.
Times China Holdings Ltd.’s 6¾% notes due 2023 (B1/B+) dropped 3 3/8 points to 5¾ points during the session with the bonds quoted off 3 3/8 points at 85 bid on $1 million of secondary volume, a source said.
Kaisa Group Holdings Ltd.’s 9¾% senior notes due 2023 (B3//B) went out at 31½ bid, down 2½ points on $1 million of secondary supply.
Sunac China Holdings Ltd.’s 8.35% senior notes due 2023 (B1/BB-/BB) also softened 2 3/8 points to 81½ bid.
Elsewhere, PBF Holding Co. LLC’s notes were mixed on Tuesday.
PBF’s 7¼% senior notes due 2025 (Caa1/B/B+) fell over 2 points to under the 74¾ bid range on nearly $5 million of paper traded, a source said.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) were unchanged on the day at 66 bid.
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