PBF soars; Diamond Sports gains on funding update; China property developer bonds drop

By Cristal Cody

Tupelo, Miss., Oct. 8 – Distressed energy bonds climbed in strong trading ahead of the holiday weekend as oil and gas prices continued to rally.

Petroleum refiner PBF Holding Co. LLC’s notes jumped between 9½ points and 11 points on Friday.

PBF’s 6% senior notes due 2028 (Caa1/B/B+) jumped 9½ points to 75 bid.

Diamond Sports Group LLC’s notes were among the most heavily traded distressed junk issues on Friday following parent Sinclair Broadcast Group Inc.’s disclosure of funding discussions.

The 5 3/8% senior secured notes due 2026 (Caa1/CCC) rose nearly 1 point to 62½ bid on $22.25 million of volume.

Bonds in China’s property developer space stayed flat to weaker on Friday as debt default fears mount following missed bond payments from China Evergrande Group and Fantasia Holdings Group Co. Ltd.

China Evergrande’s 8¾% senior notes due 2025 (C/C/C) were flat at 21 bid.

Fantasia’s 10 7/8% senior notes due 2023 (CC/C) declined ¼ point to 20 bid.

Greenland Global Investment Ltd.’s 5.9% senior notes due 2023 (Ba2/BB-) plunged 11 points to 45½ bid.

Kaisa Group Holdings Ltd.’s 11.95% notes due 2022 (B2/B) dove 6½ points to head out at 57 bid.

Sunac China Holdings Ltd.’s 5.95% senior secured notes due 2025 (B1/BB-) dropped over 3½ points to 68 bid.

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