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Yuexiu Property offers up to RMB 2.6 billion of bonds in two parts
Chicago, Sept. 20 – Yuexiu Property Co. Ltd. subsidiary Guangzhou City Construction & Development Co. Ltd. is preparing for its fifth offering of corporate bonds under its application to sell up to RMB 9.85 billion of bonds, according to a notice.
The fifth offering (Chengxin: AAA) of up to RMB 2,595,000,000 will come in two parts: a fixed-rate five-year bond and a fixed-rate seven-year bond.
Both bonds will have the opportunity to reset the rate, in the third year for the five-year offering and in the fifth year for the seven-year bonds.
On the reset dates, the bonds will be both callable and putable.
Proceeds will be used to replenish the capital of the issuer and for repayment of the principal and interest of a corporate bond of the issuer.
Yuexiu is a property developer based in Hong Kong.
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