On 4th November 2019, Admiralty Harbour acted as a Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager for the US$250 10% 3.25NP2 senior notes offering (the "Notes") for Yango Group Co., Ltd (000671.SZ, the "Company" or "Yango").
At FPG, the order book exceeded US$850 million, more than 3 times oversubscribed. On the back of strong orderbook, the Notes were priced at 11.5%, 25bps tightening from its IPG with issue size at the highest expected scale. The performance of orders on the pricing day fully reflects the high recognition of Yango from overseas debt capital market participants. The Notes has optimized Yango's offshore indebtedness maturity and cost structure, stabilizing the Company's growth.
This transaction is the first collaboration between Yango and Admiralty Harbour. With its extensive investor coverage, full grasp of the market, and in-depth understanding of Yango, Admiralty Harbour provided first-class financial services, helping the Company to achieve its strategic development goals.
Yango Group Co., Ltd is a national brand company principally engaged in the development and sale of real estates. Yango has expanded its business in nearly 100 cities 28 major regions across China, with 300 high-quality projects ingeniously built, over 44 million cubic meters land reserve, ￥550 billion RMB reserve value, and ￥263.4 billion RMB total assets. In 2019, Yango's contracted sales reached ￥200 billion RMB, ranked 11th in the Trading List and 13th in the Sales List of 2019 CRIC’s China’s Top 200 Real Estate Companies Sale List. Yango is a Fortune 500 enterprise, ranked the 162nd. On 3rd January 2020, Dagong Global Credit Ratings upgraded Yango’s credit rating from AA+ to AAA, Stable Outlook. On 23 January 2020, Moody's upgraded Yango's corporate family rating (CFR) to B1 from B2 with stable outlook and the backed senior unsecured rating on the existing notes guaranteed by Yango to B2 from B3.