CAPG 4.800% 18Feb2021 Corp (USD)

Bond Factsheet

Matured/ Called

China Aoyuan Group Limited

Indicative

Full Lot

Bid Price

99.828

Change in Bid Price

remove 0.006

Bid Yield (%)

Change in Bid Yield

Ask Price

100.447

Change in Ask Price

0.021

Ask Yield (%)

Change in Ask Yield

Indicative price as of 18 Feb 2021, 12:00am

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Bond Information

China Aoyuan Group Limited operates as a property development company. The Company develops retails shops and integrated residential projects. China Aoyuan Group conducts businesses domestically and internationally.

Bond Issuer

China Aoyuan Group Limited

Guarantor

Subsidiaries

Announcement Date

17 Feb 2020

Issue Date

21 Feb 2020

Maturity Date

18 Feb 2021

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.800

Coupon Type

Fixed

Annual Coupon Rate

4.800

Coupon Frequency

Semi Annually

Seniority

First Lien

Reference Rate

ISIN

XS2123967452

CUSIP

BG1161820

Bond Currency

USD

Total Issue Size

Outstanding Issue Size

142,379,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Real Estate Management and Development

Issuer Credit Rating (S&P/ Fitch)

***/ BB

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Make Whole Call

At any time prior to February 18, 2021, the Company will be entitled at its option to redeem the Notes in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including), the redemption date. Notice of such redemption must be mailed by first-class mail (at the expense of the Company) to each Holder's registered address, not less than 15 nor more than 30 days prior to the redemption date.

"Applicable Premium" means, with respect to a Note at any redemption date, the greater of (i) 1.00% of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption date of (x) 100% of the principal amount of such Note on February 18, 2021, plus (y) all required remaining scheduled interest payments due on such Note through February 18, 2021 (but excluding accrued and unpaid interest to the redemption date) computed using a discount rate equal to the Adjusted Treasury Rate plus 100 basis points over (B) the principal amount of such Note on such redemption date. The Applicable Premium shall be calculated by the Company and notified in writing to the Trustee and the Paying Agent.

Change Control Put

Not later than 30 days following a Change of Control Triggering Event, the Company will make an Offer to Purchase all outstanding Notes (a "Change of Control Offer") at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to (but not including) the Offer to Purchase Payment Date.

"Change of Control" means the occurrence of one or more of the following events:

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any "person" (within the meaning of Section 13(d) of the Exchange Act), other than one or more Permitted Holders;

(2) the Company consolidates or amalgamates with, or merges with or into, any Person (other than one or more Permitted Holders), or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for (or continues as) Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) and in substantially the same proportion as before the transaction;

(3) the Permitted Holders are the beneficial owners of less than 30% of the total voting power of the Voting Stock of the Company;

(4) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as such term is used in Rule 13d-3 of the Exchange Act), directly or indirectly, of total voting power of the Voting Stock of the Company greater than such total voting power held beneficially by the Permitted Holders;

(5) individuals who on the Original Issue Date constituted the Board of Directors (together with any new directors whose election by the Board of Directors was approved by a vote of at least two thirds of the members of the Board of Directors then in office who were members of the Board of Directors on the Original Issue Date or whose election was previously so approved) cease for any reason to constitute a majority of the members of the Board of Directors then in office; or

(6) the adoption of a plan relating to the liquidation or dissolution of the Company.

"Change of Control Triggering Event" means the occurrence of a Change of Control.

Equity Call

At any time and from time to time prior to February 18, 2021, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the Net Cash Proceeds of one or more sales of Common Stock of the Company in an Equity Offering at a redemption price of 104.8% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to (but not including) the redemption date; provided that at least 65% of the aggregate principal amount of the Notes originally issued on the Original Issue Date remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related Equity Offering.

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