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Shanghai Urban Construction Group to issue RMB 1 bln bonds

Nov. 29, 2012 (China Knowledge) - Shanghai Urban Construction(Group) Corporation has announced it plans to issue RMB 1 billion worth of corporate bonds with a maturity of seven years on the interbank market from Nov. 29 to Dec. 4, sources reported.

Coupon rate of the fixed-rate bonds will be in the range of 4.45% to 5.45% and will be determined in the process of book-building. Both value date and payment due date is set on Nov. 30.

RMB 720 million of the proceeds from the issue will be used to invest a affordable housing project, RMB 240 million to repay bank loans and the remaining RMB 40 million to replenish working capital, said the issuer.

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

UBS Securities have been assigned as the lead underwriter for the offering.

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