Sunac, Logan, Kaisa hold gains; Evergrande, AMC, PBF, Talen up; Exela off; Ligado quiet

By Cristal Cody

Tupelo, Miss., Jan. 20 – Chinese distressed property developer bonds held onto gains on Thursday.

Sunac China Holdings Ltd.’s 7½% notes due 2024 (B1/BB-/BB-) added 1 point to 65 bid after climbing 23½ points on Wednesday, a source said.

China Evergrande Group’s 8¾% senior notes due 2025 (C//C) improved 1 5/8 points to 12½ bid.

Paper from Logan Group Co. Ltd. and Kaisa Group Holdings Ltd. was quiet after trading higher on Wednesday.

AMC Entertainment Holdings, Inc.’s notes were among the most heavily traded distressed issues with $15 million of volume on Thursday, a source said.

AMC’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) rose 5/8 point to 96¼ bid.

In other distressed secondary action, Exela Technologies, Inc.’s 11½% first priority senior secured notes due 2026 (Caa3/CCC-) were down about ¾ point at the 66½ bid area.

Ligado Networks LLC’s secured notes quieted after moving about ¾ point to 1½ points lower on Wednesday.

PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) improved over 2¼ points to better than 81¾ bid on over $5.25 million of volume.

Talen Energy Supply LLC’s 10½% senior notes due 2026 (Caa1/CCC/CCC) traded over 1¼ points higher to under 50½ bid by the close, a source said.

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