By Marisa Wong
Los Angeles, Nov. 17 – China Galaxy Securities Co., Ltd. issued RMB 5 billion of 3.43% perpetual subordinated bonds at par of RMB 100, representing its third tranche of perpetual subordinated bonds for 2023, according to a notice on Friday.
As with the identically sized first two tranches, 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. was the named underwriter for the third tranche.
Shenwan’s related party, Fullgoal Fund Management Co., Ltd., subscribed for RMB 30 million of the bonds. Other underwriters did not participate in the subscription of the bonds. The directors, supervisors, senior management, shareholders holding more than 5% of the company’s shares and other related parties of the company also did not participate in the subscription, according to the notice.
Proceeds will be used to replenish working capital.
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, third tranche
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| Tenor: | Perpetual
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| Underwriter: | Shenwan Hongyuan Securities Co., Ltd.
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| Coupon: | 3.43%, 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: | Nov. 17
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