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New corporate bonds issued
DATE 2014-04-15 HIT 1664
AUTHOR  admin

By Yang Han

Caohejing issued new corporate bonds successfully on April 11 to collect funds of 790 million yuan ($129 million).

The bonds were issued with a nominal interest rate of 7.24 percent, lower than expected.

The Finance and Accounting Department under the Caohejing Hi-Tech Park Development Corporation made a careful survey of the capital market before the issuance.

Caohejing was given the right by the State Development and Reform Commission last December to issue corporate bonds.

A manager from the department said investors began to care about long-term bonds in March since local financial products had a lower rate of return than before.

The department immediately contacted the principal underwriter to launch road shows for key investors. Its expected issuance price was an annual rate of 7.5 percent. But it achieved a rate of 7.24 percent, lower than 7.8 percent of its counterparts, thanks to its strenuous efforts, said the manager.

“We took firm measures to motivate intermediaries to help control financial costs,” he added.

Local insiders said the success indicates that Caohejing has made a great breakthrough in financing by using non-bank channels.

“We will seek more channels for firms, contributing to the park’s development,” he said.

 
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