Kaisa taps for $200m

China property_Adobe_23July
By Morgan Davis
21 Apr 2021

Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.

The B1/B/B property developer sold the original $400m 9.75% 2023 bonds in July 2020, and had tapped them for an additional $100m in February 2021. The bonds, whose deal size is $700m after this week’s reopening, were trading at a bid price of 101.75 on Tuesday morning.

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