Kaisa Group, which defaulted on its debt a few years ago, has returned to the public markets with its first offshore bond accompanied by credit ratings since its debt restructuring in 2016.
The Hong Kong-listed firm has issued US dollar bonds from 2017 until April this year, but they were unaccompanied by updated credit ratings. Kaisa was the first Chinese property developer to default on its offshore debt when it failed to pay interest on two US dollar senior notes in 2015. The company suffered losses from 2014 to 2016 but turned profitable again in 2017 and 2018.
“The rating is an indicator that Kaisa is back...
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