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What a Banker Needs to Know - 9 March 2022 (Wed)

A group of Kaisa’s bondholders as said to be close to signing NDAs in order to discuss potential financing deals for the troubled developer. The creditor group is being advised by Lazard and Bloomberg notes that an announcement can come as early as today, December 9 with Lazard calling for more bondholders to join the group. The signing of NDAs is considered important because creditors would then have access to certain data and information they have not seen till date. A source said that the bondholders group was also discussing potential financing arrangements including creditors and other lenders providing new money to Kaisa. Kaisa missed the payment on its $400mn 6.5% bonds due December 7 with its creditors sending a formal forbearance proposal as per sources to avoid a formal default.

Kaisa’s dollar bonds were stable, trading at 34-36 cents on the dollar.

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