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Xiangyang Const. Inv't issuing RMB 1.5 bln corporate bonds

Jan. 12, 2012 (China Knowledge) - Xiangyang Construction Investment & Operation Co Ltd, a state-owned urban construction company based in Xiangyang, Hubei Province, has begun issuing RMB 1.5 billion worth of fixed-rate corporate bonds with a maturity of seven years starting from today to January 18.

Coupon rate will be 8.12%, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and bonds AA and AA, respectively.

Changjiang Securities Co Ltd<000783> has been assigned as the lead underwriter, while Central China Securities is the joint lead underwriter.

Western Securities Co Ltd, Huatai United Securities, Guosen Securities, Chinalion Securities, Cinda Securities Co and China Investment Securities Ltd are the distributors in the bonds issuance.

Proceeds from the issue will be used to fund a large urban construction project in Xiangyang, which is expected to cost RMB 5.13 billion.

In June 2011, the issuer issued RMB 1 billion of corporate bonds also for Xiangyang's urban construction, sources reported.

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