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Yuexiu Property eyes up to RMB 2.5 billion three-, five-year bonds
By Marisa Wong
Morgantown, W.Va., May 22 – 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 2 billion and an up to RMB 500 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 and issued RMB 1.5 billion of bonds in October 2018. This will be the company’s first tranche for 2019.
Proceeds will be used to repay loans.
Yuexiu is a property developer based in Hong Kong.
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