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Kaisa improves; Evergrande flat; Exela quiets after exchange; Transocean, PBF, Talen up
By Cristal Cody
Tupelo, Miss., Dec. 7 – Default fears in China’s property developer space continued to mount on Tuesday with Kaisa Group Holdings Ltd. facing $400 million of bonds due during the session.
Kaisa’s 9 3/8% senior notes due 2024 (C//CCC-) traded 1 point higher at 35 bid after sliding 3¼ points on Monday, a source said.
China Evergrande Group’s 8¼% senior notes due 2022 (C/C/C) were flat at 23 bid following a 9-point plunge in the prior session.
Energy bonds were higher as oil prices rallied over $5 in the week’s first two sessions.
“Transocean, Pemex, all that is up,” a source said. “At least five unsecureds are up more than 2 points.”
Transocean Inc.’s 8% debentures due 2027 (C/CCC) traded 3¾ points better at 72 bid.
PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B+) rose 2¾ points to 57 bid.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (Caa1/CCC/B-) also improved ¼ point to 55¼ bid on Tuesday.
In other activity, Exela Technologies, Inc. wrapped up a distressed debt exchange of its 10% senior secured first-lien notes due 2023 (Caa3/CCC-) with closing of the offer expected on Wednesday.
The notes were last seen in the secondary market on Nov. 30 at 81 bid.
Exela said that 97.6% of the notes were tendered, leaving $22.84 million of the issue outstanding.
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