Company News - 03 June 2018

AMTD completes another two bond offerings for China South City

On 17 May and 28 May 2018, China South City Holdings Ltd. (1668.HK, the “Company”) successfully priced its Reg-S US$150mm 2.25 years senior bond offering and the follow-up US$100mm re-opening (“The Transactions”), with AMTD acting as Joint Bookrunner and Joint Lead Manager. The Company has been a repeated client for AMTD. By completion of the these two transactions, AMTD has assisted the Company with five successful transactions in the past two years, demonstrating AMTD's leadership in the international debt capital markets and prominent execution capabilities to tap the offshore USD bond market, as well as ability to retain business relationships for repeat business.

The Transactions were directly issued by the Company with guarantees and share pledges from its certain non-PRC subsidiaries. The funds raised will be used for the debt refinancing and general operating capital of the existing developing projects. The Company is rated B / B (S&P / Fitch), while the issue ratings are B- / B (S&P / Fitch). Benefiting from its unique flexible business model and solid credit profile, the company has successfully priced a US$150mm bond on 17 May, 2018. Backed by the favourable performance in secondary market, the Company and joint syndicates seized the opportunity to do a US$100mm retap of the existing bond on 28 May. AMTD fully supported both transactions and once again contributed one of the largest price insensitivity lead orders and allocations in both transactions.

The Transactions represent the 68th offshore bond offering completed by AMTD since 2016 and the 11tst deal this year, demonstrating AMTD’s credentials and strong execution capability in the international debt capital markets. Other than China South City, 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 China South City, AMTD has repeatedly served multiple Chinese and Hong Kong property developers for their USD bond issuances including Zhongrui Industrial Group, ZH International, CNLP (1958.HK), Tahoe Group (000732.SZ), Yango Group (000671.SZ), China Aoyuan Property (3883.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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