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Bond Market News

Kaisa Delays Offshore Debt Restructuring Talks; Sunac to Extend Onshore Bonds by ~4.5Y

Kaisa Group is said to have delayed talks with offshore creditors on the terms of its debt restructuring, as per Reuters reports. The talks were expected to begin in October and may not start until 1H 2023. LL Tam, the adviser at Kaisa is said to have taken over negotiations with the bondholders after the developer’s former co-CFO Ken Suen left the firm last month. As per sources, LL Tam plans to delay negotiations until there is more clarity about China’s revival measures for the property sector. Kaisa’s dollar bonds were trading flat, at distressed levels of ~8 cents on the dollar.

Separately, Sunac Real Estate proposed to extend its local bonds by up to 54 months as part of a restructuring plan for all its local notes. As part of this, 5-20% of the principal will be repaid every three months starting in the 33rd month, as per sources. For its local bond that was already due and extended, the developer has proposed to extend its maturity by 45 months. In this case, it plans to pay 10-15% of the principal every three months starting from the 27th month following approval of the extension proposal.

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