Singapore debt listings Thursday: China developer Yango Justice exchanges bonds

U.S. five dollar currency notes bills; taken September 2018.U.S. five dollar currency notes bills; taken September 2018.

These are entities which announced debt listing confirmations in Singapore on Thursday, 25 November 2021: Yango Justice International.

Yango Justice International

Yango Justice International said Thursday its US$669.86 million 10.25 percent senior notes due 2022 (ISIN code: XS2406881669) would be listed on SGX’s bond market on Friday.

The notes, which will trade in U.S. dollars, will be in denomination of US$200,000, which is also the minimum board lot size, the Chinese property developer said in a filing to SGX.

The lead manager and bookrunner of the notes is Admiralty Harbour Capital, the filing said.

In an early November note, Fitch Ratings downgraded Yango Group’s long-term foreign-currency issuer default rating to C from B-minus, and lowered its recovery rating.

Fitch said the downgrade was on Yango’s offer to exchange its US$247 million senior notes due 2023, which had a 10 percent yield, the US$200 million senior notes due January 2022, which had a 5.3 percent yield, and the US$300 million senior notes due March 2022, which had a 10.25 percent yield, into new notes due September 2022, which is considered a distressed debt exchange.

“Fitch believes the exchange offer will help Yango to avoid a default in light of its tight liquidity. The company’s available cash balance dropped to around 21 billion yuan by end-September 2021, while its ability to access the cash for bond repayment is limited. The exchange offer memorandum also states that the company may not be able to repay the existing notes if the exchange is unsuccessful,” the note said.

 

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