China Everbright sets rates for five-, seven-year bonds at 4.55%, 4.8%

By Marisa Wong

Morgantown, W.Va., July 10 – China Everbright Ltd. announced it will issue RMB 2.5 billion of corporate bonds.

The bonds will consist of two types: five-year type 1 bonds with a coupon of 4.55% and seven-year type 2 bonds with a coupon of 4.8%.

Type 1 bonds will have a put option at the end of the third year, at which point the issuer may also adjust the coupon rate. Type 2 bonds have a put option and coupon adjustment option at the end of the fifth year.

Everbright Securities Co. Ltd. is the bookrunner.

This will be the company’s first tranche of corporate bonds for 2017.

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

China Everbright is a Hong Kong-based financial conglomerate in China.

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