Hong Kong

BONDS of Kaisa Group Holdings Ltd fell to record lows amid speculation the Chinese developer will miss more debt obligations this week and as Standard & Poor's cut its credit rating to selective default.

The company's US$800 million of 8.875 per cent notes due 2018 tumbled 14 cents to 32.7 cents on the dollar as of 5.20pm in Hong Kong on Tuesday, according to Bloomberg-compiled prices, sending yields up 17 basis points to 56.6 per cent. Its January 2020 notes plunged 11 cents to 32.8 cents, yielding 45.1 per cent. Their 10.5 per cent semi-annual coupon comes due in two days.