China property bonds mostly decline; Talen higher; CWT notes up; Telesat declines

By Cristal Cody

Tupelo, Miss., Oct. 19 – China’s offshore real estate bonds mostly declined on Tuesday on the heels of another missed payment, more downgrades and as the Peoples Republic of China prepared to tap the U.S. high-grade primary market.

Kaisa Group Holdings Ltd.’s 11.95% senior notes due 2022 (B3/B) plunged to under the 44 bid area from 59 bid on Monday following a downgrade by Moody’s Investors Service.

Sunac China Holdings Ltd.’s 6.65% senior notes due 2024 (B1/BB-) dropped 7 points to 77 bid after Moody’s changed the outlook to stable from positive.

China Evergrande Group’s paper traded in the low 20s as the company nears an official default this weekend following a missed bond payment in September, sources said.

China Evergrande’s 8¾% senior notes due 2025 (C/C/C) slipped about ¼ point to 20 bid.

Meanwhile, Yuzhou Group Holdings Co. Ltd.’s 8½% senior notes due 2024 (B2//B+) climbed 4½ points to 65½ bid.

Elsewhere, Talen Energy Supply LLC’s 6½% senior notes due 2025 (Caa1/CCC/B-) improved 2 3/8 points to 57¾ bid.

CWT’s 6¾% senior secured notes due 2025 (/D/C) jumped 1¾ points to 48 bid by the close.

Bonds from Telesat Canada LLC drifted lower on Tuesday with the company’s 6½% senior notes due 2027 (Caa1/B) down 1½ points near the 82 bid area.

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