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Hong Kong’s Yuexiu sets coupons for upcoming bonds at 4.24%, 4¼%
By Marisa Wong
Morgantown, W.Va., Oct. 18 – Yuexiu Property Co. Ltd. said its 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., has set the coupon rates for its upcoming tranche of corporate bonds with an initial size of RMB 800 million and an up to RMB 700 million over-allotment option.
Based on book-building results, the coupon rate will be 4.24% for the three-year bonds and 4¼% for the five-year bonds.
As previously announced, 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 issue the bonds Oct. 18 to Oct. 22.
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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