Dollar bonds of Chinese real-estate developer R&F Properties, issued by Easy Tactic rallied 8-10% on Thursday. Chinese HY developers’ bonds have been inching higher over the past couple of days, after trading under pressure since end-July. However, most developers’ bonds are again under pressure this morning as Evergrande’s latest double notch downgrade by S&P to CCC and rumors that creditor claims against the company would be centralized in a Guangzhou court have seen them drag the space lower.

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