YuexiuProperty Co. Ltd.'s unit priced an issuance of 2.00 billion Chineseyuan in guaranteed corporate bonds in China, which is the third tranche of an 8billion-yuan bond program.
Guangzhou City Construction & Development Co. Ltd. willissue the notes in two types. The five-year bonds have a fixed coupon rate of2.95%. The seven-year bonds, meanwhile, carry a 3.15% coupon rate.
The bonds will be issued to qualified investors from Sept.26 to Sept. 28. The unit began the marketing of the third-tranche bonds onSept. 23, according to an earlier filing.
Yuexiu Property said that proceeds from the third-trancheissuance will be used to repay loans and replenish liquid capital.
As of Sept. 23, US$1was equivalent to 6.67 Chinese yuan.