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TPC declines; Diamond Sports erases gains; Kaisa mostly softens following downgrade
By Cristal Cody
Tupelo, Miss., Nov. 16 – TPC Group Inc.’s bonds remained soft on Tuesday with the paper now trading over 15 points lower following a weak third-quarter earnings report.
TPC’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) fell about ¾ point to head out near the 75¾ bid area after declining about 3½ points on Monday, a source said.
Diamond Sports Group LLC’s paper was down about 1¼ points to 1½ points after sliding over 5 points to 6¼ points the prior day, a source said.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) declined 1½ points to 50¼ bid following Monday’s loss of over 5 points.
The company’s 6 5/8% senior notes due 2027 (Ca/CC) fell about 1¼ points to 25¾ bid.
On Monday, the unsecured notes slid about 6¼ points.
In other distressed secondary trading, the bonds of China property developers continued to soften.
Kaisa Group Holdings Ltd.’s paper declined following a downgrade from Fitch Ratings over the day.
Kaisa’s 11½% senior notes due 2023 (C//C) fell ½ point to 34 bid, a source said.
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