Kaisa looms over FA bond event

Portfolio managers’ view towards Asian high yield will depend on how the developer handles its February 7 payment.

The prospect of Chinese developer Kaisa Group defaulting will hover over the proceedings this week at FinanceAsia’s sixth annual Borrowers Investors Forum, to be held on Thursday in Hong Kong.

In previous years the event, which brings together investment bankers, debt capital market specialists, portfolio managers and issuers, has tracked the rapid development of the region’s fixed-income markets.

High yield in particular has been an investor favourite, due to its high returns, relatively high credit quality compared to US high yield, and its low default rate 2014 saw only three deals go into restructuring, amounting to a mere 1.5% of outstanding value in Asian...

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