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Evergrande steadies; Sunac, Kaisa up; Agile slides; Talen perks up; Air Methods lower
By Cristal Cody
Tupelo, Miss., Oct. 22 – China Evergrande Group’s paper ended mostly unchanged on Friday after the company made a surprise payment on a dollar bond ahead of a looming default deadline expected over the weekend.
Evergrande’s bonds were ending the week about 2 points stronger.
“They were trading with a 22 handle today,” a source said.
Sunac China Holdings Ltd.’s dollar notes recovered over 1¼ points to 2 points during the session.
Kaisa Group Holdings Ltd.’s notes also gained about 1¾ points to 2 points.
Other issuers in the space remained weak on Friday on debt default fears.
Agile Group Holdings Ltd.’s 5½% notes due 2026 (/BB-/) sank more than 7½ points to 82½ bid, a source said.
Distressed issues in the energy space mostly improved as oil rallied.
Talen Energy Supply LLC was “moving up” in the secondary market on Friday, a source said.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) jumped 2 points to 65½ bid, 9 1/8 points higher on the week.
Elsewhere, ASP AMC Holdings Inc. subsidiary Air Methods Corp.’s notes saw further declines on Friday.
The 8% senior notes due 2025 (Caa3/CCC) were quoted nearly 2¼ points weaker at 78¾ bid on $6.5 million of trading supply, down about 15 points month to date.
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