Kaisa, Sunac slide; Nine Energy, EnLink higher; CWT gains; Air Methods, Envision soft

By Cristal Cody

Tupelo, Miss., Oct. 20 – Bonds in the distressed China property developer space traded flat to weaker following China Evergrande Group’s report on Wednesday that it has abandoned plans to sell a 50.1% stake in its Evergrande Property Services unit.

Kaisa Group Holdings Ltd.’s bonds dropped another 2¼ points to 7 points following the company’s ratings downgrade on Tuesday.

Sunac China Holdings Ltd.’s dollar notes dove another 5 points to 7¾ points after closing Tuesday off 2½ points to 7 points after an outlook change.

China Evergrande’s 8¾% senior notes due 2025 (C/C/C) were seen mostly flat to about ¼ point weaker at the 20 bid area.

In the oil and gas space, Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa2/D) climbed 1¾ points to 51¼ bid.

Talen Energy Supply LLC’s bonds were mixed with the paper trading about ½ point weaker to up 1 point.

EnLink Midstream Partners LP’s 6% perpetual preferreds (B1/B+/BB-) rallied over 2¼ points to 80¾ bid.

CWT’s 6¾% senior secured notes due 2025 (/D/C) added 1¼ points to head out at 49¼ bid.

Meanwhile, Air Methods Corp.’s 8% senior notes due 2025 (Caa3/CCC) fell 1¼ points to 82½ bid.

Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) also were down over 2¼ points to 67 bid.

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