China’s Longfor talks RMB 2.8 billion bonds at 3.4%-4.4%, 4%-5%

By Marisa Wong

Los Angeles, Jan. 14 – Longfor Group Holdings Ltd. said it is offering up to RMB 2.8 billion of domestic corporate bonds.

Indirect subsidiary Chongqing Longhu Development Co. Ltd. will issue the bonds on Jan. 16 and Jan. 17, according to a company announcement.

The company will issue five-year and seven-year bonds with coupons talked at 3.4% to 4.4% and 4% to 5%, respectively. The final rates will be set on Wednesday based on a bookbuilding.

The coupon rate is adjustable at the end of the third year for the five-year bonds and at the end of the fifth year for the seven-year bonds.

Investors will have a put option on the coupon reset dates.

This will be the company’s first tranche of domestic corporate bonds for 2020.

China Chengxin Securities Rating Co. Ltd. has assigned a rating of AAA to the bonds.

Longfor is a Beijing investment holding company.

© 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.