Perpetual bond worth RMB 1,500 million is issued by First Harbour Engineering
Source:First Harbour EngineeringTime:2017-12-20
Engineering has recently issued a renewable (perpetual) corporate bond in 2017
on the Shanghai Stock Exchange, marking that the company has become CCCC's
first subsidiary issuing a perpetual bond successfully on a stock exchange.
The renewable corporate bond is a new
corporate bond which can be renewed optionally and specifies no term of
maturity. It is between a traditional bond and a stock, integrates their
advantages, and has the advantages of broadening financing channels,
supplementing shareholder equity, reducing liability-asset ratio and avoiding
the dilution of capital stock. With AAA corporate credit rating and debt
rating, a period of 3+N years and an issuing scale of RMB 15,000 million, the
bond is fully secured by CCCC.
The company started the work of
perpetual bond issuance in December 2016 and succeeded in application after receiving
the approval document from the China Securities Regulatory Commission (CSRC) in
September 2017. It took the company only one month to be approved by CSRC from
application. Among the bonds declared on the stock exchange in the same period,
the bond was examined most efficiently and approved within the shortest time.