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Shenzhen Railways debt among latest virus-linked issues

Shenzhen Railways has sold 3 billion yuan (US$428 million) of bonds with a coupon set at the lowest in four years for a state-owned company in the southern boom city.

The three-year bonds were issued at 3.05%. Underwriter Guosen Securities’ Fixed Income Business said the proceeds would help alleviate the economic damage to the city from the Covid-19 virus.   

A large proportion of the funds will be spent on the city’s metro system.

Another three virus-related bonds were underwritten for Zhejiang Shaoxing Transportation Investment Group, Heilongjiang Haiguolong Oil & Petrochemical and Fujian-based No 1 Auto Manufacturer.

Chris Gill

With over 30 years reporting on China, Gill offers a daily digest of what is happening in the PRC.


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