By William Gullotti
Buffalo, N.Y., May 10 – Country Garden Holdings Co. Ltd.’s wholly owned subsidiary, Country Garden Real Estate Group Co., Ltd., issued RMB 1.7 billion of notes with a two-year tenor (Chengxin: AAA) in two parts on Monday, according to a company announcement on Wednesday.
The notes are guaranteed by China Bond Insurance Co., Ltd. and were issued in connection with the company’s previously reported Jan. 29 authorization to issue up to RMB 20 billion of medium-term notes over the course of two years.
The first tranche totals RMB 800 million and features a 3.8% coupon.
The second tranche has a 3.95% coupon and totals RMB 900 million.
The first and second tranches of 2023 medium-term notes were issued in the domestic Chinese market on May 8.
Country Garden is a Foshan, China, real estate developer.
| Issuer: | Country Garden Real Estate Group Co., Ltd.
|
| Guarantor: | China Bond Insurance Co., Ltd.
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| Amount: | RMB 1.7 billion
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| Issue: | Notes
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| Tenor: | Two years
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| Settlement date: | May 8
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| Rating: | Chengxin: AAA
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|
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| First tranche
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| Amount: | RMB 800 million
|
| Issue: | 2023 medium-term notes, first tranche
|
| Coupon: | 3.8%
|
|
|
| Second tranche
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| Amount: | RMB 900 million
|
| Issue: | 2023 medium-term notes, second tranche
|
| Coupon: | 3.95%
|
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