Company News - 19 March 2018

AMTD completes debut US$425mm bond offerings for Tahoe Group

On 9 January 2018, Tahoe Group Co., Ltd., (“Tahoe Group” or the “Company”) successfully priced its debut Reg S US$200mm 3-year and US$225mm 5NC3 senior bond offering (the “Transaction”), with AMTD acting as the Joint Bookrunner and Joint Lead Manager. This Transaction represents the 58th offshore debt capital markets fundraising completed by AMTD since 2016. This is also the 8th Chinese property senior bond debut completed by AMTD, demonstrating AMTD’s leadership and influences in the international debt capital markets.

Issuer of the Transaction is Tahoe Group Global (Co.,) Limited, a wholly owned subsidiary of the Company, with the Company providing full and irrevocable guarantee. The Company is rated B Stable by S&P, B1 Negative by Moody’s and B Stable by Fitch, while the issue rating is B- by S&P, B2 by Moody’s and B- by Fitch. The bonds will be listed on the Singapore Exchange (SGX).

AMTD acted as the 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 syndicate team including AMTD, the Transaction was well-received by international capital markets. The final orderbook amounted to over US$700mm and final pricing for the 3-year and 5NC3 bonds were tightened by 25 bps and 17.5 bps to 8% and 8.2%, respectively.

Other than Tahoe 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 Tahoe Group, AMTD has repeatedly served multiple Chinese and Hong Kong property developers for their USD bond issuances, including Yango Group (000671.SZ), 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), Xinhu Zhongbao ( 600208.CH), Jiayuan International (2768.HK), Regal Hotels (78.HK) and Far East Consortium International (35.HK) etc.

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