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Evergrande paper on sidelines; Kaisa down; Shimao gains; Diamond Sports up; Apex quiet
By Cristal Cody
Tupelo, Miss., Dec. 22 – Default fears remained prominent on Wednesday in China’s distressed property developer space with another expected bond default from Sinic Holdings (Group) Co. Ltd., following a previously announced default from the company.
China Evergrande Group’s dollar notes have not traded since early December after the company defaulted on debt payments.
Evergrande’s 8¾% senior notes due 2025 (C/C/C) were last seen on Dec. 13 at 20¼ bid, a source said. The bonds have declined over 60 points since May.
Kaisa Group Holdings Ltd.’s 11½% senior notes due 2023 (C//CCC-) traded under 27½ bid on Wednesday, down from where the notes were last active in November at the 32½ bid range.
Shimao Group Holdings Ltd.’s 5.2% notes due 2027 (Ba3/BB/BB) were quoted about ¾ point higher on Wednesday at 56½ bid.
Secondary activity remained thin with desks lightly staffed ahead of the holidays.
“Everything is ridiculously slow today,” a source said, “especially on the movers side.”
Diamond Sports Group LLC’s secured and unsecured notes traded about ½ point better on the day.
The company’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) rose about ½ point to 48¾ bid.
Apex Tool Group LLC’s 9% senior notes due 2023 (Caa3/CCC-) were last seen trading on Monday at 95 bid, down about 5 points from a month ago.
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