Evergrande dives; Kaisa softens; Diamond Sports paper mixed; Talen Energy notes slide

By Cristal Cody

Tupelo, Miss., Dec. 6 – China Evergrande Group’s dollar notes sank about 1¾ points to 9 points on Monday as reports circulated that all of its offshore bonds will be included in a restructuring as the company grapples with maturing debt.

Evergrande’s 8¼% senior notes due 2022 (C/C/C) dove 9 points to 23 bid on $2 million of issues traded, a source said.

Issuers including Evergrande and Kaisa Group Holdings Ltd. have missed bond payments since September.

Kaisa’s 9 3/8% senior notes due 2024 (C//CCC-) fell 3¼ points over the day to 34 bid.

In other secondary trading, Diamond Sports Group LLC’s paper was mixed on Monday after adding 1 point to 3¼ points ahead of the weekend following the company’s announcement of a multiple-year renewal agreement with the National Hockey League.

Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) improved about ½ point to 26¼ bid.

Talen Energy Supply LLC’s notes remained weak on Monday on the heels of being placed on a negative ratings watch, a source said.

Talen’s 10½% senior notes due 2026 (Caa1/CCC/B-) dropped 2¼ points by the close to 55 bid on $7.5 million of paper traded.

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