Hong Kong’s Yuexiu Property launches $3 billion MTN program

By Marisa Wong

Morgantown, W.Va., April 4 – Yuexiu Property Co. Ltd. has established a $3 billion guaranteed medium-term note program (Baa3//BBB-), according to a company news release.

Notes under the program will be issued through indirect wholly owned subsidiary Westwood Group Holdings Ltd. and guaranteed by Yuexiu Property.

Bank of China (Hong Kong) Ltd., Chong Hing Bank Ltd., CMBC Securities Co. Ltd., DBS Bank Ltd., Deutsche Bank AG, Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc, Nomura International (Hong Kong) Ltd. and Yue Xiu Securities Co. Ltd. are the arrangers and dealers.

Proceeds will be used for refinancing existing debt and general corporate purposes.

Listing of the program on the Stock Exchange of Hong Kong Ltd. is expected to become effective Wednesday.

The issuer is a property developer based in Hong Kong.

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