Kaisa Bonds Mixed After Developer Defaults on Dollar Debt
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Kaisa Group Holdings Ltd.’s dollar bonds were mixed in trading after the developer became the first Chinese real estate company to default on its U.S. currency debt.
The company’s $800 million of 8.875 percent 2018 notes rose 2.1 cents to 56.1 cents on the dollar as of 12:33 p.m. in Hong Kong, paring a 7.6-cent slump Monday. Its 2017 debentures slipped 2 cents to 55.8 cents on the dollar, after a 7-cent decrease, Bloomberg-compiled prices show.