Company News - 30 July 2018

AMTD completes another bond offering for China Aoyuan Property

On July 26 2018, China Aoyuan Property Group Limited (“Aoyuan” or the “Company”, 3883.HK) successfully priced US$175mm reopening of its outstanding US$250mm 6.35% senior bond due in January 2020 which was orginally issued on Jan. 11 2017 (the “Transaction”), with AMTD acting as the Joint Bookrunner and Joint Lead Manager. The Transaction represents the fourth successful Aoyuan USD bond offering in which AMTD has acted as Joint Bookrunner and Joint Lead Manager, including its US$200mm 3NC2 bond offering in May 2018, US$250mm 5-year bond offering in September 2017 and US$250mm 3-year bond offering in January 2017. The Transaction re-affirms AMTD’s leadership in the international debt capital markets and the success demonstrates AMTD’s commitment in assisting leading Chinese property developers to tap the offshore USD bond market.

The issuer of the Transaction is China Aoyuan Property Group Limited with share pledges and guarantees from certain non-PRC subsidiaries. The Company is rated B1 Stable by Moody’s / B+ Stable by S&P / BB- Stable by Fitch while the transaction is rated B2 / B / BB- respectively. The bookbuilding process achieved an oversubscription of over 4 times, allowing the Company to tighten 25 bps in pricing from initial price guidance of 7.70% area to 7.45% and increasing the new total issue size to US$425mm. AMTD acted as Joint Bookrunner and Joint Lead Manager of the Transaction.

The Transaction represents the 69th offshore bond offering completed by AMTD since 2015 and the 12th deal this year, demonstrating AMTD’s influence and strong execution capability in the international debt capital markets. 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 Aoyuan, 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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