trending Market Intelligence /marketintelligence/en/news-insights/trending/7nakh_koqqyxznkhr4a7qa2 content esgSubNav
In This List

BYD to issue up to 10B yuan of asset-backed securities


S&P 500 Q2 2022 Sector Earnings & Revenue Data


Banking Essentials Newsletter: September 28th edition


Worldwide smartphone shipment forecast through 2026: from small drop to mild recovery


Next in Tech | Episode 84: The bear bites M&A

BYD to issue up to 10B yuan of asset-backed securities

Chinese auto maker BYD Co. Ltd. announced plans to issue up to 10 billion yuan of asset-backed securities and up to 30 billion yuan of debt financing instruments, according to a Hong Kong Exchange filing.

The proposed ABS issuance will have a maturity of up to three years. Underlying assets will include financial subsidies as well as the income rights for financial subsidies from the central government.

Proceeds will be used for "the replenishment of construction funds and working capital, and repayment of loans," BYD said, with the final issuance plan requiring stock exchange approval.

Meanwhile, the proposed issuance of debt financing instruments should provide for a "more flexible choice in financing instruments, timely fulfillment of capital requirements, improvement in debt structure and reduction in finance costs," the car maker said.

If convertible bonds are issued, the size of each tranche shall not exceed $1.2 billion or equivalent in principal amount.

As of March 16, US$1 was equivalent to 6.33 Chinese yuan.