Date: 2013-07-31

Baosteel Completes 3.6B Yuan HK Bond Issuance

Baosteel Group, the parent of Baoshan Iron and Steel (600019), has successfully completed the issuance of 3.6 billion yuan worth of offshore yuan-denominated bonds in Hong Kong, the first time a non-financial mainland company issued offshore bonds in the Special Administrative Region.

The issuance was also the largest ever issue of offshore yuan-denominated bonds in Hong Kong.

Of the total, one billion yuan worth of two-year bonds were sold at 3.125 percent, 2.1 billion yuan worth of three-year bonds were issued at 3.5 percent, and 500 million yuan worth of five-year bonds issued at 4.375 percent.

The proceeds raised will be injected into Baosteel Resources, an overseas subsidiary of the group.

HSBC Holdings (0005.HK) and Deutsche Bank were the global coordinators for the issuance, and the bonds are tradable in Singapore.

Moody

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