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Tianjin Municipal Const. to issue RMB 900 mln bonds

Jan. 17, 2012 (China Knowledge) - Tianjin Municipal Construction Group Co Ltd, a state-owned investment company based in Tianjin, has announced plans to issue RMB 900 million worth of bonds on the interbank market with a maturity of six years starting from January 18 to January 19.

Coupon rate for the first three years of the to-be-issued bonds will be the Shanghai Interbank Offered Rate (SHIBOR) plus basic spread that has been set between 206 and 306 basis points (bp).

RMB 720 million of the proceeds from the issuance will be used to fund two urban construction projects, while the remaining RMB 180 million to replenish working capital.

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

China Securities Co Ltd has been assigned as the lead underwriter, while China Development Bank Securities Co Ltd will be the joint lead underwriter.

Minsheng Securities and Pacific Securities Co Ltd will be the distributors in the issue.

According to the website of Tianjin Municipal Construction Group, the company reaped RMB 540 million in gross profit in 2010, surging 127% from a year earlier, and the company's operating revenue for the year totaled RMB 9.1 billion.

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