Kaisa Payment Deadline Expires: Is a Default Imminent?

The transcript discusses a missed payment deadline by Kaiser for $426 million in debentures, leading to concerns among media, analysts, and bondholders. Investor relations have been disrupted due to leadership changes, causing communication issues. The potential default could be the first for a Chinese developer on onshore and offshore bonds, with varying market impacts. Kaiser's financial situation is precarious, with bond prices dropping significantly. Credit Suisse suggests potential recovery if managed well, but liquidation could prioritize onshore liabilities.

How did the market react to the situation with Kaiser?

What does Credit Suisse suggest about the recovery of bondholders' investments?