Diamond Sports declines; Telesat slides; China’s distressed issuers Shimao, Kaisa up

By Cristal Cody

Tupelo, Miss., Jan. 10 – Diamond Sports Group LLC’s notes slid 2¾ points on Monday as the company continued to dominate secondary trading in the distressed market.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) saw more than $12 million of issues changing hands at 50¾ bid, a source said.

Telesat Corp.’s 6½% senior notes due 2027 (Caa1/B) sank over 4 points to 71 bid during the session with over $2 million of supply traded.

Meanwhile, China’s distressed property developer space saw a lift on Monday.

Shimao Group Holdings Ltd.’s notes rallied in light trading following downgrades from Moody’s Investors Service and S&P Global Ratings.

Shimao’s 4¾% senior notes due 2022 (B2/CCC+/BB) jumped to 53 bid after trading on Friday down 3 5/8 points at 45 3/8 bid.

The company’s 3.45% senior notes due 2031 (B2/CCC+/BB) rose to 38 bid after trading 3 3/8 points lower to 34¾ bid on Friday.

Also, Kaisa Group Holdings Ltd.’s 11.95% senior notes due 2023 (C//C) climbed nearly 2 points to just under 26 bid, a source said.

The company reported in December that it did not make the payments on the 11.95% notes due 2023, as well as its 6½% notes due Dec. 7, 2021, 11.7% notes due 2025 and 11.65% notes due 2026.

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