Home Point withers; Diamond Sports lower; China bonds deteriorate; Peabody better

By Cristal Cody

Tupelo, Miss., Sept. 7 – Mortgage provider Home Point Capital Inc.’s 5% senior notes due February 2026 (B3//B-) sank further on Tuesday after finishing the prior week down about 1¼ points to 1½ points.

The issue was quoted late afternoon 1¾ points softer at 84½ bid, a source said.

Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (B2/CCC) ended the session down about 1¼ points at 67 bid.

Chinese bonds remained pressured on Tuesday following further downgrades of China Evergrande Group.

Fantasia Holdings Group Co. Ltd.’s 10 7/8% senior notes due 2023 (B/B+) slid 2 points to 50 bid on $4 million of trading supply.

Tianji Holding Ltd.’s 11½% senior notes due 2022 (C//CCC) sank 3 7/8 points to 21¾ bid on over $3.7 million of volume during the session.

China Evergrande’s paper “appears to be deteriorating with bonds now in the high-20s, down from the low-40s two weeks ago,” according to a BofA Securities, Inc. global research note on Tuesday.

Market tone in the post-Labor Day session mostly softened as volatility rose over 10% and oil prices declined.

Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/D) were more than 2 points better at 82½ bid by the close.

Trading volume totaled about $2.7 million.

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