By William Gullotti
Buffalo, N.Y., March 11 – China Galaxy Securities Co., Ltd. issued RMB 6 billion of subordinated bonds in two parts, according to a regulatory announcement on Monday.
The company sold RMB 2 billion of 2.6% three-year bonds and RMB 4 billion of 2¾% five-year bonds, each with a par value of RMB 100.
Citic Trust Co., Ltd., China Resources Szitic Trust Co., Ltd., China Southern Asset Management Co., Ltd. and Dongxing Securities Co., Ltd. were named as underwriters in the announcement, having participated in the subscription of one or both series.
Citic Trust, a related party of CSC Financial Co., Ltd., subscribed to the three-year bonds for RMB 110 million.
Two related parties of Guosen Securities Co., Ltd. were named participants. China Resources subscribed to the three-year bonds for RMB 50 million. China Southern also subscribed to the three-year bonds for RMB 50 million, as well as RMB 190 million for the five-year bonds.
Dongxing subscribed to the five-year bonds for RMB 80 million.
Other underwriters and their related parties did not participate in the subscription of the bonds.
Proceeds will be used to replenish working capital and repay matured bonds.
Dubbed the first tranche of subordinated bonds, this marks the third issuance by China Galaxy in 2024. It is a drawdown from the brokerage’s previously reported January 2024 approval to issue up to RMB 20 billion subordinated bonds within 24 months.
The issuer is a Beijing-based brokerage.
| Issuer: | China Galaxy Securities Co., Ltd.
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| Amount: | RMB 6 billion
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| Issue: | Subordinated bonds, first tranche
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| Underwriters: | Citic Trust Co., Ltd., China Resources Szitic Trust Co., Ltd., China Southern Asset Management Co., Ltd. and Dongxing Securities Co., Ltd.
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| Announcement date: | March 11
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| Three-year bonds
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| Amount: | RMB 2 billion
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| Tenor: | Three years
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| Coupon: | 2.6%
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| Price: | Par of RMB 100
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| Yield: | 2.6%
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| Five-year bonds
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| Amount: | RMB 4 billion
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| Tenor: | Five years
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| Coupon: | 2¾%
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| Price: | Par of RMB 100
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| Yield: | 2¾%
|
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