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Hong Kong’s Yuexiu eyes up to RMB 1.5 billion three-, five-year bonds
By Marisa Wong
Morgantown, W.Va., Oct. 16 – Yuexiu Property Co. Ltd. said its 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., is planning a tranche of corporate bonds with an initial size of RMB 800 million and an up to RMB 700 million over-allotment option.
The bonds will be divided into two types: three-year bonds with a fixed coupon and five-year bonds with a coupon adjustment option, a call option and a put option at the end of three years.
The company said it will determine the coupon rates through a book-building process.
The company previously obtained approval for the public issuance of guaranteed interest-bearing corporate bonds totaling up to RMB 7 billion. This will be the company’s first tranche for 2018.
Proceeds will be used to repay loans.
Yuexiu is a property developer based in Hong Kong.
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