SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Yango Group failed to make coupon payments on 2 USD-denominated bonds totaling $27.3mn, due within the 30-day grace period due to a liquidity crunch. The coupons on its $300mn 9.25% bonds due April 15, 2023 and the $357mn 7.5% bonds due April 15, 2024 were due on January 15. Yango Justice International was the issuer with Yango Group being the guarantor. In November 2021, Yango Group got support from its bondholders to avoid an immediate default involving 3 dollar bonds, alongside consent solicitation to amend the cross-default terms of 5 other dollar bonds.

Yango Justice’s dollar bonds were trading weak at distressed levels of 14 cents on the dollar.

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