China Galaxy Securities plans RMB 2.5 billion three-, five-year bonds

By Angela McDaniels

Tacoma, Wash., Aug. 18 – China Galaxy Securities Co., Ltd. said it will issue RMB 2.5 billion of three- and five-year corporate bonds (Dagong: AAA).

The company expects to issue RMB 1.5 billion of the three-year bonds and RMB 1 billion of the five-year bonds but may shift some proceeds from one tranche to the other.

The interest rate is expected to be 2½% to 3½% for the three-year bonds and 2.8% to 3.8% for the five-year bonds.

The bonds will be sold at par of RMB 100 from Aug. 23 to Aug. 25.

The lead underwriter is Industrial Securities Co., Ltd.

Proceeds will be used for working capital.

The brokerage is based in Beijing.

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