Property deals roil China high-yield

摘要

Offshore bonds from China's property sector tumbled to record lows last week after weak new issues from kaisa group holdings and china evergrande group repriced the market and left investors worrying about further supply before the end of the year. A bizarre tap of Kaisa's 7.875% 2021s on October 25 - at a cash price 13 points above the secondary market - and a US$1.8bn three-tranche offering from Evergrande on October 30 at coupons of up to 13.75% piled more pressure on an already weak market.