Diamond Sports higher; Endo edges down; Mallinckrodt improves; Kaisa, Evergrande soften

By Cristal Cody

Tupelo, Miss., Nov. 10 – Diamond Sports Group LLC’s bonds rallied another 2 points in trading on Wednesday with the paper higher following parent Sinclair Broadcast Group Inc.’s announcement that it had taken on a portion of the company’s debt.

“The whole structure's up,” a source said.

Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) headed out at 32 bid.

Trading was light in “opioid names” following Tuesday’s ruling from Oklahoma’s Supreme Court that tossed out a $465 million opioid-claim related verdict against Johnson & Johnson, a source said.

Endo International plc’s 6% notes were down ¼ point at 76 3/8 bid.

Mallinckrodt plc’s 5¾% senior notes improved about ¼ point to 57½ bid.

Looking at China property developers, Kaisa Group Holdings Ltd.’s paper remained weak following another ratings downgrade on the heels of a missed debt payment.

Kaisa Group’s dollar 11½% senior notes due 2023 (C//CCC-) fell about 1½ points to 28½ bid.

China Evergrande Group’s paper was mixed with the 8¾% senior notes due 2025 (C/C/C) down ½ point at 24½ bid as the company reportedly made a bond payment on Wednesday.

“They’re wrapped around 25,” a source said of the company’s paper, “about a point or 2 better on the whole curve.”

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