Jul 14, 2009
China watchdog approves first corp bond in 10 mths-IFR| Industries| Consumer Products & Retail| Reuters
Chinas securities watchdog has approved a bond issue by Shanghai Yuyuan Tourist Mart 600655.SS: Quote, Profile, Research of up to 1 billion yuan $146 million, IFR Asia reported, reopening the corporate bond market which has been suspended for 10 months.The company received the green light from the China Securities Regulatory Commission CSRC on July 13, the first such permission since September last year, IFR said on Tuesday, without citing sources.There are around 35 companies for a total issuance of more than 115 billion yuan in the pipeline. Those deals been initially approved by the CSRC but are still waiting for the administrative permits to tap the bond market, it said.Yuyuan will issue a 5-year 500 million yuan bond this week first and it will tap the market again with a 500 million bond within the next two years.The Shanghai-listed retail tourist shopping mall operator will use the proceeds to finance expansion and for working capital.
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