By William Gullotti
Buffalo, N.Y., June 9 – China Galaxy Securities Co., Ltd. issued RMB 5 billion of 3.58% perpetual subordinated bonds at par, representing its second tranche of perpetual subordinated bonds this year, according to a notice on Friday.
As with the identically-sized first tranche, the coupon will reset every five years. The company will likewise also have the option every five years to either redeem the bonds in full or extend the term for another five years.
Shenwan Hongyuan Securities Co., Ltd., GF Securities Co., Ltd. and Everbright Securities Co., Ltd. were the only named joint lead underwriters due to direct subscription, or subscription by related parties, for the issuance.
Shenwan’s related party, Fullgoal Fund Management Co., Ltd., subscribed for RMB 60 million. GF directly subscribed for RMB 100 million. Everbright and its related party, China Life Asset Management Co., Ltd., subscribed for RMB 50 million and RMB 1.1 billion, 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.
|
| Amount: | RMB 5 billion
|
| Issue: | Subordinated bonds
|
| Tenor: | Perpetual
|
| Underwriters: | Shenwan Hongyuan Securities Co., Ltd., GF Securities Co., Ltd. and Everbright Securities Co., Ltd.
|
| Coupon: | 3.58%, resets every five years
|
| Price: | Par, RMB 100 per unit
|
| Call: | Every five years
|
| Issuance date: | June 9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
