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Yuexiu REIT seeks OK to offer up to RMB 5 billion of debt instruments
By Mary-Katherine Stinson
Lexington, Ky., Oct. 27 – Yuexiu REIT Asset Management Ltd., in its capacity as manager of Yuexiu Real Estate Investment Trust, announced that a subsidiary has applied for the unified registration of multiple types of debt financing instruments totaling up to RMB 5 billion in principal, according to a company notice.
The securities would be issued by Yuexiu REIT 2012 Co. Ltd., a subsidiary wholly owned by HSBC Institutional Trust Services (Asia) Ltd.
Upon receipt of regulatory approval and depending on the prevailing market conditions and capital requirements of Yuexiu REIT, one or more series of debt financing instruments including super short-term commercial paper, short-term commercial paper, medium-term notes, asset-backed notes or green debt financing instruments may be issued in different phases when appropriate.
The securities will be guaranteed by HSBC Institutional Trust Services (Asia), in its capacity as the trustee of Yuexiu REIT and with recourse limited to the assets of Yuexiu REIT.
There has been no issue of any debt as of Oct. 27.
The company stated that the proposed application is another step towards diversifying and enriching the financing channels and methods available to Yuexiu REIT.
Yuexiu REIT’s gearing ratio is about 46.5% as of August, which is unchanged from the company’s previous announcement.
The issuer will not issue any debt financing instrument if doing so would cause Yuexiu REIT’s gearing ratio to exceed 50% or another maximum threshold under paragraph 7.9 of the REIT code.
Yuexiu is a real estate investment trust based in Hong Kong.
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