Kaisa Is Next Developer Worrying China Bond Traders After Rocky Month
(Bloomberg) — The newfound stability in Chinese dollar bonds will be tested this week as one of the market’s largest issuers announces whether creditors agreed to a debt swap designed to avert default.
Kaisa Group Holdings Ltd.’s offer to exchange its $400 million of dollar notes maturing Dec. 7 for new ones due 18 months later expires at 4 p.m. London time on Thursday. If the offer — which requires a 95% approval rate — fails to win support, the struggling firm has said it may not be able to repay bonds and could consider a debt restructuring.
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