Shenzhen Railways debt among latest virus-linked issues
Sale set with lowest coupon in four years.
Shenzhen Railways has sold 3 billion yuan (US$428 million) of bonds with a coupon set at the lowest in four years for a state-owned company in the southern boom city.
The three-year bonds were issued at 3.05%. Underwriter Guosen Securities' Fixed Income Business said the proceeds would help alleviate the economic damage to the city from the Covid-19 virus.
A large proportion of the funds will be spent on the city’s metro system.
Another three virus-related bonds were underwritten for Zhejiang Shaoxing Transportation Investment Group, Heilongjiang Haiguolong Oil & Petrochemical and Fujian-based No 1 Auto Manufacturer.