On 2 March 2021, China South City Holdings Limited (1668.HK) successfully issued US$175m 11.95% unsecured senior notes due February 2023. Admiralty Harbour acted as JBR and JLM for the new offering. This is the third collaboration between China South City and Admiralty Harbour and another chapter in the 11-year partnership between the two teams dating back to the issuers debut.
The offering came against a backdrop of drastically rising rates and inflation expectations, despite unfavorable market conditions the issuer captured a window of market correction to announce the offering. The transaction was well received by investors, orders peaked at US$900m.