China Evergrande notes trade up; Fantasia, Tianji lower; Talen rallies; Endo better

By Cristal Cody

Tupelo, Miss., Sept. 21 – China Evergrande Group’s paper staged a small comeback on Tuesday after plunging on Monday and sending ripple effects across the financial markets that contributed to a standstill in new issuance at the week’s start.

China Evergrande’s 8¼% senior notes due 2022 (Caa2/CCC-/CCC) jumped 3¾ points to 29 bid in light trading totaling $2 million on Tuesday.

Other Chinese property developers remained mostly soft on Tuesday, sources said.

Shanghai-based real estate developer Greenland Global Investment Ltd.’s 5¾% senior notes due 2022 (Ba2/BB-) traded 3/8 point weaker at 83 bid.

Fantasia Holdings Group Co. Ltd.’s 10 7/8% senior notes due 2023 (B/B+) were less than ¼ point lower at 41 bid.

China Evergrande subsidiary Tianji Holding Ltd.’s 11½% senior notes due 2022 (C//CCC) slid 4½ points to 10¾ bid in thin trading Tuesday.

Elsewhere, Talen Energy Supply LLC’s bonds rallied about 1¼ points to 7¼ points on news the company secured up to $175 million of new funding.

Talen’s 6½% senior notes due 2025 (B3/CCC/B-) hit 53½ bid, up 7¼ points on the day.

In other distressed secondary action, Endo International plc’s paper improved.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC+) rose ½ point to 66½ bid.

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