Pursuits
Kaisa Dollar Bonds Rally as Developer Gets Loan Default Waiver
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Kaisa Group Holdings Ltd.’s 2020 bonds rallied the most on record after the Chinese developer secured more time to repay a defaulted bank loan, reducing immediate cash needs as the company seeks to restructure debt.
Kaisa, whose default on a HSBC Holdings Plc loan last month spurred a selloff in China’s high-yield bond market, said yesterday it got a waiver from the bank and is seeking a restructuring adviser. Kaisa’s 10.25 percent notes jumped 6.3 cents to 40.2 cents on the dollar as of 6:50 p.m. in Hong Kong to the highest level in more than a week, even after the company said it missed a $23 million interest payment.