By William Gullotti
Buffalo, N.Y., May 18 – China Galaxy Securities Co., Ltd. issued RMB 5 billion of 3.63% perpetual subordinated bonds at par, representing its first tranche of perpetual subordinated bonds this year, according to a notice on Thursday.
The coupon will reset every five years. The company will also have the option every five years to either redeem the bonds in full or extend the term for another five years.
Everbright Securities Co., Ltd. and China Life Asset Management Co., Ltd. were the only named joint lead underwriters for the issuance, subscribing to the offering for RMB 160 million and RMB 470 million, respectively.
Proceeds will be used to replenish working capital or repay maturing debt.
The brokerage is based in Beijing.
| Issuer: | China Galaxy Securities Co., Ltd.
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| Amount: | RMB 5 billion
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| Issue: | Subordinated bonds
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| Tenor: | Perpetual
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| Underwriters: | Everbright Securities Co., Ltd. and China Life Asset Management Co., Ltd.
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| Coupon: | 3.63%, resets every five years
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| Price: | Par, RMB 100 per unit
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| Call: | Every five years
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| Issuance date: | May 18
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