Perpetual bond worth RMB 1,500 million is issued by First Harbour Engineering

Source:First Harbour EngineeringTime:2017-12-20

First Harbour 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.