Yuexiu Property to offer RMB 2.15 billion five-, seven-year bonds

By Marisa Wong

Los Angeles, May 19 – Yuexiu Property Co. Ltd.’s 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., plans to issue up to RMB 2.15 billion of fixed-coupon bonds (Chengxin: AAA), according to a company announcement on Thursday.

This will be the company’s second tranche of corporate bonds for 2022. A first tranche totaling RMB 2 billion was completed on May 17.

The second tranche bonds will be divided into two types.

Type 1 bonds will have a five-year tenor, with a coupon adjustment option, call option and put option at the end of the third year.

Type 2 bonds will have a seven-year tenor, with a coupon adjustment option, call option and put option at the end of the fifth year.

The coupon rates will be determined by a bookbuilding.

Proceeds will be used to repay the principal and interest of the company’s other corporate bonds.

Yuexiu is a property developer based in Hong Kong.

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