Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Y > Headlines for Yuexiu Property Co. Ltd. > News item |
Yuexiu Property offers up to RMB 1.5 billion of bonds in two parts
By William Gullotti
Buffalo, N.Y., March 22 – Yuexiu Property Co. Ltd.’s 95% owned subsidiary Guangzhou City Construction & Development Co. Ltd. is preparing for its second tranche of corporate bonds (Chengxin: AAA) under its approved application to sell up to RMB 9.4 billion of bonds, according to a notice on Wednesday.
As with the company’s first tranche of corporate bonds, issued Feb. 21 for a total of RMB 1.9 billion, the second tranche will also come in two parts: a fixed-rate five-year bond and a fixed-rate seven-year bond.
The coupon rate will likewise be determined via the bookbuilding process. Both bonds will give the issuer 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 repay the principal of previously issued corporate bonds.
Yuexiu is a property developer based in Hong Kong.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.