Company News - 06 December 2017

AMTD completes US$250mm 3yr bond offering for Yango Group

On 9 November, Yango Group Co., Ltd. (“Yango Group” or “the Company”) successfully priced its debut Reg S US$250mm 3-year senior bond offering (the “Transaction”), with AMTD acting as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager. In March 2017, AMTD also successfully led Fujian Yango Group Co., Ltd.'s debut US$300mm 3-year bond offering. The Transaction represents the second deal this year that AMTD has acted as Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager for Yango related companies. AMTD has completed 57 and 37 offshore bond offerings since 2016 and year-to-date, demonstrating AMTD's leadership and influences in the international debt capital markets.

Issuer of the Transaction is Yango Justice International Limited, a wholly owned subsidiary of the Company, with the Company providing guarantee. The Company is rated B stable, B2 Stable and B Positive by S&P, Moody’s and Fitch respectively, while the issue rating is B- by S&P, B3 by Moody’s and B- by Fitch. The bonds will be listed on the Singapore Stock Exchange (SGX).

AMTD acted as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of the Transaction. Benefiting from the Company’s well-recognized brand name, leading market position and solid credit profile, coupled with the efforts of the syndicated team including AMTD, the Transaction was well-received by international capital markets. The final orderbook amounted to over USD 1.1bn or over 4 times oversubscribed. Final pricing was set at 7.5% vs. initial price guidance of 7.625% area. AMTD once again provided critical anchor demand in the transaction to ensure a successful offering for the Company.

AMTD has completed 57 and 37 offshore bond offerings since 2016 and year-to-date, demonstrating AMTD's leadership and influences in the international debt capital markets. Other than Yango Group, AMTD has successfully assisted multiple Chinese and Hong Kong property developers to access the international capital markets since 2016. AMTD has maintained a long term relationship with various bond issuers and has repeatedly assisted them to tap the most constructive window in the international debt capital markets. In addition to working with Yango Group, AMTD has repeatedly served multiple Chinese and Hong Kong property developers for their USD bond issuances, including China Aoyuan Property (3883.HK), China Logistics Property Holdings (1589.HK), Oceanwide Holdings (000046.SZ), Logan Property (3380.HK), Yida China (3639.HK), Yango Holdings, China South City (1668.HK), Yuzhou Properties (1628.HK), Guangzhou R&F (2777.HK), Ronshine China (3301.HK), Xihu Zhongbao (600208.CH), Jiayuan International (2768.HK), Regal Hotels (78.HK) and Far East Consortium International (35.HK) etc.

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