By Marisa Wong
Los Angeles, Jan. 18 – China’s Joy City Property Ltd., via indirect non-wholly owned subsidiary Cofco Commercial Property Investment Co., Ltd., issued RMB 700 million of 3.13% corporate bonds with a five-year tenor (Chengxin: AAA), according to an announcement on Thursday.
The 2024 first tranche domestic bonds have a coupon adjustment option and put option at the end of the third year.
Although the offering was initially to be divided into two tranches, type 1 having a tenor of five years and type 2 having a tenor of seven years, all RMB 700 million of the offering was issued as type 1 notes.
Proceeds will be used to replenish working capital that was used to redeem domestic bonds issued in 2019.
Joy City is a real estate company based in Hong Kong and is a member of the Cofco Group.
| Issuer: | Cofco Commercial Property Investment Co., Ltd.
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| Amount: | RMB 700 million
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| Issue: | Corporate bonds, 2024 first tranche
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| Tenor: | Five years
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| Coupon: | 3.13%, may be adjusted at end of third year
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| Put option: | At end of the third year
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| Issue date: | Jan. 18
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| Rating: | Chengxin: AAA
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