May. 28, 2012 (China Knowledge) - Nantong Tongzhou Huitong Investment Co Ltd, an investment company based in Jiangsu Province, today began issuing RMB 1.8 billion worth of unsecured bonds with a maturity of seven years on the interbank market on May 28, sources reported.

Coupon rate will be 6.80%. Both value date and payment due date is set on May 28.

RMB 1.47 billion of the proceeds from the issue will be used to develop low-price mass residential projects for low-income families, and the remaining RMB 330 million will be used to repay bank loans.  

Sino-Hawk Credit Rating Co Ltd has rated the issuer and bonds AA and AA, respectively.

China Securities Co has been assigned as the lead underwriter and bookrunner. The distributors are China Investment Securities Co, Hong Yuan Securities Co and Guosen Securities.

As of Dec. 31, 2011, the issuer had RMB 16.46 billion in total assets and RMB 10.34 billion in total liabilities, with debt/asset ratio of 62.85%.