Yuexiu Property to offer RMB 1.1 billion five-, seven-year bonds

By William Gullotti

Buffalo, N.Y., June 30 – Yuexiu Property Co. Ltd.’s 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., plans to issue up to RMB 1.1 billion of guaranteed corporate bonds (Chengxin: AAA), according to an announcement on Thursday.

This will be the company’s fourth tranche of corporate bonds for 2022. A first tranche totaling RMB 1.1 billion was completed on May 17, a second tranche totaling RMB 2.15 billion was completed on May 24, and a third tranche totaling RMB 2 billion was completed June 24.

As with the second and third tranches, the fourth tranche bonds will also be divided into two types.

Type 1 bonds will have a five-year tenor, with a coupon adjustment option, call option and put option at the end of the third year.

Type 2 bonds will have a seven-year tenor, with a coupon adjustment option, call option and put option at the end of the fifth year.

The coupon rates will be determined via bookbuilding.

Proceeds will be used to repay interest-bearing debts of Yuexiu and its subsidiaries.

Yuexiu is a property developer based in Hong Kong.

© 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.