China bonds mixed; Evergrande, Fantasia, Agile up; Tianji soft; Diamond Sports down

By Cristal Cody

Tupelo, Miss., Oct. 12 – China’s property developer dollar bonds continued to dominate distressed secondary trading on Tuesday as the U.S. bond markets reopened following the long holiday weekend.

China Evergrande Group reportedly missed a third round of bond payments due on Tuesday following missed bond payments in September.

China Evergrande’s 8¼% senior notes due 2022 (C/C/C) edged up ¼ point to 24¼ bid on $2 million of secondary supply on Tuesday, a market source said.

Fantasia Holdings Group Co. Ltd. also missed a bond payment due last week.

Fantasia’s 7.95% senior notes due 2022 (C/CC) recovered 1¾ points to trade at 20¾ bid on Tuesday.

Tianji Holding Ltd.’s 11½% senior notes due 2022 (C//CCC) were quoted at 17½ bid, down ¼ point on $5 million of secondary action on Tuesday.

Agile Group Holdings Ltd.’s 6.7% senior notes due 2022 (Ba3/BB-) gained 7 points to head out at 88 bid.

Kaisa Group Holdings Ltd.’s paper was mixed with the company’s 11.95% notes due 2022 (B2/B) down 5 points to 50 bid on just under $3 million of trading volume.

In other secondary supply, Diamond Sports Group LLC’s notes gave back gains after improving in the prior week.

The 5 3/8% senior secured notes due 2026 (Caa1/CCC) fell ½ point to 61¾ bid.

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