While Kaisa is the first Chinese real estate developer to default, its bonds won’t directly test the credit enhancement structures frequently seen in the market
Local private equity funds are increasingly looking at assets outside their home country, with Hony Capital’s acquisition of UK restaurant chain Pizza Express setting an important example
The HKMA's second consultation has clarified its bail-in regime, including a mechanism to determine the no creditor worse off than in liquidation principle. But more detail is needed
Shenzhen-based property developer Kaisa's recent default has drawn renewed attention to the nuances of cross-default clauses in loans, bonds and derivatives.
