On 18 February 2020, as a Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager, Admiralty Harbour assisted Yango Group Co., Ltd. (000671.SZ, the “Company” or “Yango") to successfully price another US$300m 3.75NC2 8.25% Senior Notes (the “Notes”).
The transaction received overwhelming demand from a diverse range of quality accounts. Peak order book exceeded US$4.3bn, more than 14 times oversubscribed, from over 250 institutions. The Notes were priced to yield 8.625%, 62.5bps tightening from the IPG of 9.25%, which marked the largest tightening in 2020 YTD. The price in the secondary market further rose on the day following the issuance amidst recognition by investors. This issuance is a milestone for the Company in the offshore debt capital market – breakthrough was realised in terms of size of order book, book coverage, tightening of yield, quantity, quality and geographical diversity of investors, etc. After its issuance of US$300 million Senior Notes in January 2020, Yango, with the assistance of Admiralty Harbour as always, completed the new transaction, which will enhance its debt maturity profile and yield curve, and further strengthen its credit profile.
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.