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China Evergrande notes dive; Peabody stronger; Washington Prime flat; Endo declines
By Cristal Cody
Tupelo, Miss., July 30 – China Evergrande Group’s bonds continued to plunge on Friday following the company’s downgrade at the start of the week by S&P Global Ratings.
China Evergrande’s 10% senior notes due 2023 (B3/CCC+) dropped 4½ points to 43½ bid during the session and headed out down more than 14 points on the week, a source said.
“China markets were again the worst performers this week with A shares off by 6% and credit distress ratio rising to 16%,” according to a BofA Securities, Inc. research note on Friday.
In other distressed secondary trading, Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/D) added ½ point to the 79½ bid area, about 6 points better on the week.
Washington Prime Group, LP’s 6.45% notes due 2024 (C/D/CC) traded mostly flat at 61¼ bid.
In the distressed pharmaceuticals space, bonds from Endo International plc pulled back on Friday after the paper soared in the previous week following the announcement of a $35 million opioid-related settlement.
Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) fell 3/8 point to 67¾ bid, a source said.
Mallinckrodt LLC’s 5¾% notes due 2022 were quoted at 66 bid, ½ point better on the week.
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