Pursuits
Kaisa Dollar Debt Jumps as Company’s Future Hangs in Balance
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Kaisa Group Holdings Ltd.’s dollar bonds surged today as debate over the troubled developer’s future escalates.
The company’s $500 million of 10.25 percent 2020 notes jumped 18.6 cents to 80.1 cents on the dollar, the highest since Dec. 19, as of 2:55 p.m. in Hong Kong after sinking to 29.9 cents earlier this month. The debentures’ 30-day historical volatility soared to 240 percent, the most on record. The government in the southern Chinese city of Shenzhen, Kaisa’s home town, has backed Sunac China Holdings Ltd. buying a stake, a person with knowledge of the matter said.