Digital Assets in Capital Markets

Advanced course on digital assets - assets created using a blockchain/DLT network - designed for finance professionals.

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15 November 2022 (Tuesday) | 9am-5pm

Kaisa Group plans to repay 10% of the principal of Jinheng Wealth Management Products (WMPs) when they come due, with the developer paying back 10% every three months thereafter as per the Securities Times. It added that no interest payment will be made on the WMPs before they mature. Kaisa is reported to have said that it will actively dispose of its assets to repay the WMPs and  will pay interest on overdue principal at 4.35%. Meanwhile, Kaisa’s offshore bondholders have hired advisers with the developer facing high refinancing risks. Kaisa missed coupon payments of $58.8mn and $29.9mn on its 11.7% 2025s and 11.95% 2023s on November 11 and 12 respectively. The increasing risks of Kaisa defaulting have also led to a series of downgrades by major rating agencies with the latest downgrade to C by Fitch last week.

Kaisa’s dollar bonds are slightly lower with its 11.95% 2022s down 0.8 points to 39.78 cents on the dollar.

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