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China Galaxy Securities issues subordinated bonds, commercial paper

China Galaxy Securities Co. Ltd. has completed an issuance of 5 billion yuan of subordinated bonds and 2 billion yuan of commercial paper.

The company issued 1 billion yuan of two-year bonds priced with a coupon of 3.65% and 4 billion yuan of three-year bonds priced with a coupon 3.75%, according to a Jan. 15 release.

The proceeds from the bond issuance will be used to supplement the company's working capital or to repay its interest-bearing debts.

In addition, China Galaxy Securities issued 2 billion yuan of short-term commercial paper with a term of 91 days and a final coupon rate of 2.75%, according to a separate same-day release.

The proceeds from the issuance of the commercial paper will be used to supplement the working capital of the company.

As of Jan. 15, US$1 was equivalent to 6.89 Chinese yuan.