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Bond Market News
Yango Group Receives Bondholders’ Support on Maturity Extension
November 19, 2021
Chinese developer Yango Group won support from bondholders on extending the maturity of its US dollar bonds to avoid a default. Yango received an acceptance rate of 87.66%, 92.41% and 87.98% for its 5.3% 2022s, 10.25% 2022s and 10% 2023s, respectively, above the minimum of 85%. For all the three notes, bondholders may receive new notes maturing on September 15, 2022 with $25 in cash plus accrued interest for every $1,000 in principal. Yango also received consent for amending the cross-default terms of five other dollar bonds – 9.25% 2023s, 8.25% 2023s, 7.5% 2024s, 7.875% 2024s and 7.5% 2025s. Yango had initially launched the exchange offer and consent solicitation on November 10.
Yango’s dollar bonds were higher with its 7.5% 2024s up 1 point to 28.5 cents on the dollar.
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