China Merchants Port Holdings sealed its first Panda deal on the Shenzhen Stock Exchange, raising Rmb 500m ($79.5m) from a three year bond.
The red chip issuer will take the proceeds offshore to finance its Belt and Road Initiative-linked purchase of the Hambantota port in Sri Lanka, according to the US China Investment news.
Accordingly, China Merchants Port Holdings issued the ‘One Belt One Road’ corporate bonds at a coupon rate of 5.15% a year for a term of three years to qualified investors and shall be entitled to adjust the annual coupon rate at the end of the first and second year after the issue of corporate bonds.
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