Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour completes US$200m bond offering for E-House China
Dec 2020
The first collaboration between Admiralty Harbour and E-House
On 3 December 2020, E-House (China) Enterprise Holdings Limited (“E-House” or the “Company”) successfully completed a new issuance of US$200m 7.6% senior unsecured notes due June 2023. Admiralty Harbour acted as Joint Bookrunner and Joint Lead Manager for the transaction. This offering provides the Company with additional liquidity to address existing bonds maturing February 2020. After the transaction, E-House USD notes maturity schedule is as thus: February 2021, April 2022 and June 2023, a very ideal maturity schedule, thanks to proactive management.
Despite a record-setting November in the equities market, the China HY USD bonds market was clouded by AAA-rated LGFV defaults and abundant competing supply over the past 2 weeks. Plus, news of cuts on vaccine destruction in Q1 2020 overnight hitting equities, and slower fund flow towards year-end created additional challenges for this transaction. However, investor response was still firm the offering was completed smoothly as anticipated. Congratulations to E-House!