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Chongqing Yu Long issues RMB 800 mln bonds

May. 31, 2012 (China Knowledge) - Chongqing Yu Long Asset Management (Holdings) Ltd today began issuing RMB 800 million worth of unsecured bonds with a maturity of seven years on the interbank market until Jun. 6.

Coupon rate will be 6.87%. Both value date and payment due date is set on May 31.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

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

Changjiang Securities Co Ltd has been assigned as the lead underwriter and bookrunner. Distributors are Sealand Securities, Donghai Securities, Chinalion Securities and Cinda Securities.

As of Dec. 31, 2011, the issuer had RMB 12.7 billion in total assets and RMB 7.1 billion in total liabilities, sources reported.

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