China Vanke Co. Ltd. will issue a second tranche of 1.00 billion yuan worth of five-year bonds under its 9.00 billion-yuan issuance program.

The company has yet to decide on a specific coupon rate for the bonds, but said in a release that the rate would sit within a range of 4% to 5%. The eventual coupon rate will be decided upon by China Vanke and the issuance's book managers.

Additionally, after three years, the company will have the option of altering the coupon rate and will also have a buyback option it can activate.

The first-tranche offering amounted to a total of 3.00 billion-yuan after an oversubscription option was fully exercised, with the five-year bonds carrying a coupon rate of 4.5% and the issuance completed July 18.

Both first- and second-tranche bonds will be listed on the Shenzhen stock exchange.

As of July 31, US$1 was equivalent to 6.73 Chinese yuan.