On 8th January 2020, Admiralty Harbour acted as a Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager for the US$300 9.25% 3.25NC2 senior notes offering (the "Notes") for Yango Group Co., Ltd (000671.SZ, the Company" or "Yango").
At FPG, the order book exceeded US$2.7 billion from 148 accounts, more than 9 times oversubscribed. On the back of the strong order book, the Notes were priced at 9.875%, 50bps tightening from its IPG. Due to high market demand, the Notes issue size was further increased compared to earlier expectations. The performance of orders on the pricing day fully reflects the high recognition of Yango from overseas debt capital market participants.
This transaction is the second collaboration between Yango and Admiralty Harbour following the US$250 million 10% senior notes due 2023 priced on 4th November 2019, which reflecting Yango’s trust in Admiralty Harbour
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.