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Fantasia plunges by nearly half after downgrades; China Evergrande declines; Talen flat
By Cristal Cody
Tupelo, Miss., Oct. 5 – Fantasia Holdings Group Co. Ltd.’s bonds slid further into distressed secondary trading on Tuesday following downgrades by the three major ratings agencies after a missed bond payment.
Fantasia’s 10 7/8% senior notes due 2023 (CC/C) sank to 18½ bid, a source said.
The notes were last seen in the prior week at the 32 3/8 bid area.
China Evergrande Group’s dollar notes also remained pressured on Tuesday while the company is in a 30-day grace period after missing a bond payment last month.
China Evergrande’s 8¾% senior notes due 2025 (C/C/C) dropped about 2¼ points to 21¾ bid.
“Not only are Fantasia’s bonds now trading at the same distressed levels as Evergrande’s, but the new disclosure has the potential to further scare investors about other Chinese property developers and China’s broader problem with excess debt,” according to a Confluence Investment Management note on Tuesday.
Energy bonds stayed mostly stronger as oil rallied a second day.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (B3/CCC/B-) were flat at 55 bid after the issue gained 1 point in Monday’s session, a source said.
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