Evergrande up; Transocean, Talen higher; Diamond Sports paper mixed; Telesat declines

By Cristal Cody

Tupelo, Miss., March 22 – China Evergrande Group’s dollar bonds edged up in light distressed trading activity on Tuesday following the company’s announcements that included reporting a delay in posting its 2021 audited results.

Evergrande’s 8¾% senior notes due 2025 (C//C) rose ¼ point on Tuesday to a 13.20 print after improving ¾ point in the prior session.

In other distressed issues, Transocean Inc.’s 8% debentures due 2027 (Ca/CCC+) added ¼ point to head out at 81¾ bid on $14 million of paper traded, a source said.

Talen Energy Supply LLC’s 10½% senior notes due 2026 (Caa2/CCC/CCC) jumped 2¾ points by the day’s end, going out at 33 bid on $2.7 million of supply.

Meanwhile, Diamond Sports Group LLC’s 6 5/8% senior notes due 2027 (Ca/CC) rose 1/8 point to near the 21¼ bid range on more than $22.27 million of volume on Tuesday, a source said.

Telesat Corp.’s bonds also were busy during the session following a weak fourth-quarter earnings report and conference call on Friday where management mentioned being “not happy” with the company’s bond trading levels, a source said.

“They bounced a decent amount,” the market source said.

Telesat Canada LLC’s 6½% senior notes due 2027 (Caa1/B) were last seen on Tuesday at 49½ bid, down about 1¾ points from Monday.

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