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Bond Market News

Yango to Issue $669.9mn of New Bonds As Part of Bond Swap

Chinese real estate developer Yango Group announced via an exchange filing late last week that it will be issuing new bonds worth $669.9mn as part of its bond swap launched a few weeks ago. The new bonds that carry a coupon of 10.25% and mature on 15 September 2022 will be exchanged for its validly tendered older $200mn 5.3% January 2022s, $300mn 10.25% March 2022s and $247mn 10% February 2023s. The new bonds will be personally guaranteed by Yango’s chairman as it seeks to survive this liquidity crunch. The cash-strapped developer is also seeking an extension on five other dollar bonds, Reuters reported. Separately, the company said on an investor platform in the Shanghai Stock Exchange that investors of three onshore bonds due in November have agreed to extend maturity by one year.
Yango’s 5.3% January 2022s continue to trade at distressed levels of 32.54 cents on the dollar.
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