The first collaboration between Admiralty Harbour and Jiaozuo Investment Group
On 25 February 2021, Admiralty Harbour acted as JBR and JLM in a USD-denominated senior bond offering by Jiaozhuo Investment Group Co., Ltd. (the “Group”). The Group successfully issued a 363-D tenured US$100 million senior notes, the transaction marks the first underwriting mandate in the year of the Ox and first LGFV offering in 2021 for Admiralty Harbour.
While local markets were slow to pick up momentum after the CNY holiday, global capital markets saw great volatility over the past few weeks. Rotation trade from tech to value stocks grew violent; oil prices hiked on extreme weather in Texas and dropped as rumour of Saudi Arabia to increase production output; copper shortage sent prices to 9-year highs and 10y treasury yield hits highest level since the pandemic, while curve steepens. Despite high uncertainties, the offering was well timed as markets saw some rebound from Powell’s reaffirmed commitment to an easing policy as well as support from cornerstone investors. Congrats to Jiaozuo on a successful issuance!