(ATF) Shanghai Stock Exchange announced last week that it had accepted a proposal from Beijing Urban Construction Investment Development Co Ltd for a public issue of corporate bonds for professional investors this year.
According to the prospectus, the bond issue will total 5.8 billion yuan (US$821 million), and have a term of up to five years. The lead underwriter, book-keeper, and bond trustee is CITIC Securities, while Guosen Securities will also be joint lead underwriter.
After the corporate bonds are issued, Beijing Urban Construction Investment Development will apply for listing on the Shanghai Stock Exchange.
The issuer ’s credit rating is AAA, and the bonds' credit rating is AAA. Funds raised from the corporate bonds are intended to be used to repay corporate bonds, other debts and for other purposes.
Beijing Urban Construction Investment Development is part of the Beijing Urban Construction Group, a state-owned enterprise founded by a public offering in 1998 with its headquarters in Beijing. Beijing Urban Construction is a large real estate developer.
The company has assets of at least 15 billion yuan, according to Wikipedia.