Kaisa Group, the Chinese property developer that survived a near-knockout in 2015 when it defaulted on its offshore bonds, has joined the end-year dollar-bond rush as would-be high-yield issuers brave bearish investor sentiment and nagging worries about rising borrowing costs.
Looking to secure short-term funding, the Shenzhen-based homebuilder launched a 365-day bullet bond on Tuesday, marking its return to international bond markets nearly 18 months after its $3.4 billion four-tranche issue and exchange offering.
That was after creditors had granted Kaisa a stay of execution by waiving interest payments in favour of debt extensions without ever having to take a haircut. ...
¬ Haymarket Media Limited. All rights reserved.
