Chong Hing Bank 6.5% Pert Non cumulative AT1 Bond

USD300 million Undated Non-Cumulative Subordinated Additional Tier 1 Capital Securities

1	Issuer	Chong Hing Bank Limited
2	Unique identifier (eg CUSIP, ISIN or Bloomberg identifier for private placement)	ISIN : XS1107229582
3	Governing law(s) of the instrument	English law / Hong Kong law
	Regulatory treatment
4	Transitional Basel III rules#	NA
5	Post-transitional Basel III rules+	Additional Tier 1
6	Eligible at solo*/group/group & solo	Solo and Group
7	Instrument type (types to be specified by each jurisdiction)	Undated Non-Cumulative Subordinated Capital Securities
8	Amount recognised in regulatory capital (Currency in million, as of most recent reporting date)	(HKD million)
		2,313.5
9	Par value of instrument	USD300 million
10	Accounting classification	Equity
11	Original date of issuance	25 September 2014
12	Perpetual or dated	Perpetual
13	Original maturity date	No maturity
14	Issuer call subject to prior supervisory approval	Yes
		The First Call Date is on 25 /9//19.
		It has no fixed redemption date. Optional Redemption (on a designated date in 2019 or on any
15	Optional call date, contingent call dates and redemption amount	Distribution Payment Date thereafter),  Tax Redemption and Regulatory
		Redemption are all subject to prior written consent of  the Hong Kong Monetary
		Authority. Redemption amount will be the then prevailing principal amount.
16	Subsequent call dates, if applicable	NA
	Coupons / dividends
17	Fixed or floating dividend/coupon	Fixed
18	Coupon rate and any related index	At a fixed rate of 6.5% per annum until 25 September 2019.
		Thereafter reset at: five years U.S. Treasury Rate + 4.628%
19	Existence of a dividend stopper	Yes
20	Fully discretionary, partially discretionary or mandatory	Fully discretionary
21	Existence of step up or other incentive to redeem	No
22	Noncumulative or cumulative	Noncumulative
23	Convertible or non-convertible	Non-convertible
24	If convertible, conversion trigger (s)	NA
25	If convertible, fully or partially	NA
26	If convertible, conversion rate	NA
27	If convertible, mandatory or optional conversion	NA
28	If convertible, specify instrument type convertible into	NA
29	If convertible, specify issuer of instrument it converts into	NA
30	Write-down feature	Yes
		If a Non-Viability Event occurs and is continuing, the Bank shall, upon the
		provision of a Non-Viability Event Notice, irrevocably reduce the then principal
		amount of, and cancel any accrued but unpaid Distribution in respect of, each
		Capital Security (in each case in whole or in part) by an amount equal to the Non-
		Viability Event Write-off Amount per Capital Security.
		"Non-Viability Event” means the earlier of:
31	If write-down, write-down trigger(s)	(i) the Hong Kong Monetary Authority notifying the Bank in writing that
		the Hong Kong Monetary Authority is of the opinion that a Write-off or
		conversion is necessary, without which the Bank would become
		non-viable; and
		(ii) the Hong Kong Monetary Authority notifying the Bank in writing that
		a decision has been made by the government body, a government officer
		or other relevant regulatory body with the authority to make such a
		decision, that a public sector injection of capital or equivalent support
		is necessary, without which the Bank would become non-viable.
32	If write-down, full or partial	Full or partial
33	If write-down, permanent or temporary	Permanent
34	If temporary write-down, description of write-up mechanism	NA
		Subordinated to all claims of:
		(i) all unsubordinated creditors of the Bank (including depositors),
35	Position in subordination hierarchy in liquidation (specify instrument type immediately senior	(ii) creditors in respect of Tier 2 Capital Securities of the Bank, and
	to instrument)	(iii) all other Subordinated Creditors of the Bank whose claims are stated
		to rank senior to the Capital Securities or rank senior to the Capital
		Securities by operations of law or contract
36	Non-compliant transitioned features	No
37	If yes, specify non-compliant features	NA

溫馨提示：CoCo bond是風險甚高的投資。雖然發行人都是大到不能倒的金融機構，但債券本身性質是轉移金融機構面對嚴峻危機衝擊時的風險。所以價格可以非常波動，甚至損失大部份或全部本金。雖然機率低，卻不表示沒有機會。所以要非常了解CoCo bond的機制和自己的承受能力才可以踫，不適宜重倉或高槓干操作。

Rating Action: 

Moody's affirms Chong Hing Bank's ratings and changes its outlook to stable from negative

  

Global Credit Research - 21 Aug 2015

Hong Kong, August 21, 2015 -- Moody's Investors Service has affirmed Chong Hing Bank Limited's baseline credit assessment (BCA)/adjusted BCA at baa2 and long-term and short-term bank deposit ratings at Baa2/P-2. Moody's has also affirmed the bank's foreign currency Basel II-compliant subordinated debt rating at Baa3, foreign currency Basel III-compliant non-cumulative preference share rating at Ba2(hyb), and counterparty risk assessment at Baa1(cr)/P-2(cr). The bank's outlook has been changed to stable from negative.

A list of all affected ratings is available at the end of this press release.

RATINGS RATIONALE

The change in outlook to stable from negative considers the bank's proposed rights issue that significantly improves its capital adequacy. The bank announced on 17 August 2015 that it plans to raise approximately HKD3,708 million before expenses of equity. Yuexiu Enterprises (Holdings) Limited (Yuexiu, unrated), which currently owns 75% of the bank's shares, has agreed to subscribe in full its pro-rata shares.

The rights issue will boost the bank's Common Equity Tier 1 (CET1) capital ratio by approximately 4 percentage points thereby strengthening the bank's loss absorption buffers. Before the rights issue, Chong Hing Bank's capital-related metrics deteriorated following strong balance sheet growth in 2014 and 1H 2015 as we expected post the acquisition. Its CET1 ratio fell to 8.7% at end-June 2015 from 10.8% at end-2013 and 9.6% at end-2014. The pressure on capital adequacy will be mitigated by the proposed rights issue.

The change in outlook and affirmation of ratings also considers that the bank has maintained sound asset quality metrics in the past few years. It reported an impaired loan ratio of 0.05% at end-June 2015, which compares favorably with similarly rated regional peers.

We expect lending to mainland entities will continue to increase but at a measured pace. Lending to mainland companies has grown faster since 2014 since the bank's takeover by Yuexiu, but from a low base. At end-June 2015, lending to mainland customers accounted for 7.2% of gross loans. Nearly half of the bank's non-bank mainland exposures are to central or local government-owned entities which typically entail lower credit risks than lending to smaller private companies. Its impaired loan ratio for mainland lending remains low at 0.05% at end-June 2015 but because these loans are still unseasoned, the sustainability of their asset quality will be tested in a slowing economic environment in China.

Profitability has also improved following the acquisition by Yuexiu in February 2014. Excluding the one-off gains on property sales, it reported an annualized return on assets of 0.8% in 2014 and 1.2% in 1H 2015, up from 0.7% in 2013.

Chong Hing Bank maintains a sound liquidity profile, with a loan-to-deposit ratio consistently below 70%. Nevertheless, the bank's loan-to-deposit ratio has trended up to 67.7% at end-June 2015, from 62.0% at end-2013. Meanwhile, the bank has a limited reliance on wholesale funding. Customer deposits accounted for 88.1% of total liabilities at end-June 2015.

WHAT COULD CHANGE THE RATING -- UP

The bank's rating may be upgraded if it can maintain consistently stronger capitalization following the proposed rights issue and good asset quality while improving its franchise and market position.

We may also consider an upgrade of the bank's deposit ratings if we judge that the increasing strategic importance of the bank to the Guangzhou government through Yuexiu merits consideration of including support in the ratings.

WHAT COULD CHANGE THE RATING - DOWN

Chong Hing Bank's ratings could be downgraded if its balance sheet growth materially outpaces its peers and the bank adopts a more aggressive risk-taking approach.

The bank's standalone assessment could be adjusted lower if its asset quality metrics deteriorate, with impaired loans exceeding 2% of gross loans, or if its capital adequacy weakens with its tangible common equity/RWA ratio falling below 10.5%.

In addition, a rapid increase in its Mainland exposures will render the bank more vulnerable to adverse economic developments in China, and could trigger a downward adjustment to its standalone assessment.

The following ratings are affirmed:

Local currency and foreign currency long-term bank deposits ratings: Baa2

Local currency and foreign currency short-term bank deposits ratings: P-2

Foreign currency Basel II-compliant subordinated debt rating: Baa3

Foreign currency Basel III-compliant non-cumulative preference shares rating: Ba2(hyb)

Counterparty risk assessments: Baa1(cr)/P-2(cr)

Baseline credit assessment (BCA) and Adjusted BCA: baa2

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Chong Hing Bank Limited is headquartered in Hong Kong and reported total assets of HKD116 billion at end-June 2015.

* Bank of East Asia 5.5% 12/2/49 Pert AT1 Bond

Reference Code	XS1326527246
ISIN	XS1326527246
Issuer	Bank of East Asia Ltd
Guarantor	-
Issue/ Reoffer Price	100.000
Announcement Date	25-Nov-2015
Issue Date	02-Dec-2015
Maturity Date	02-Dec-2049
Years to Maturity (Approximate)	33.713
Currency	USD
Annual Coupon Frequency	Semi Annually
Coupon Type	Variable
Annual Coupon Rate (% p.a.)	5.500
Reference Rate	Reset Rate= US Treasury + Spread (3.834%) Reset Date = 02Dec2020 & every 5 yr thereafter

CUSIP	QJ9359762
Bond Type	High Yield Corporate
Bond Sector	Financials
Bond Sub Sector	Banks
Minimum Investment Quantity (Nominal)	USD 150,000
Incremental Quantity (Nominal)	USD 1,000
Bond Credit Rating (Moody's / S&P / Fitch)	Ba2/ BB/ N.R
Issuer Credit Rating (Moody's / S&P / Fitch)	A3/ A/ N.R
Seniority	Subordinated
Exchange Listed	HKEX
Modified Duration	3.966
Issue Size	USD 650,000,000

Callable:

The Issuer may, having given: (i) not less than 15 nor more than 45 days’ notice to the Securityholders in accordance with Condition 11; and (ii) not less than 15 days before the giving of the notice referred to in (i) above, notice to the Trustee and the Issuing and Paying Agent and the Registrar; (which notices shall be irrevocable and shall specify the date fixed for redemption), redeem all but not some only of the Capital Securities then outstanding on the First Call Date or any Distribution Payment Date thereafter, at the their outstanding principal amount together (if appropriate) with Distributions accrued to (but excluding) the date of redemption, subject to adjustment following the occurrence of a Non-Viability Event in accordance with Condition 4(C).

First Call Date = 2 December 2020

Conditions for Redemption:
Notwithstanding any other provision in these Conditions, the Issuer shall not redeem any of the Capital Securities (other than pursuant to Condition 9) and neither the Issuer nor any of its Subsidiaries shall purchase any of the Capital Securities unless the prior written consent of the Monetary Authority thereto shall have been obtained, to the extent such consent is required under the Banking Ordinance (Cap. 155) of Hong Kong, Banking (Capital) Rules (Cap. 155L) of Hong Kong, or any successor legislation or regulations made thereunder, or any statutory guidelines issued by the Monetary Authority in relation thereto.
Deferral of Interest Payment:

Non-Cumulative Distribution 

Distributions will not be cumulative and Distributions which are not paid in accordance with these Conditions will not accumulate or compound and Securityholders will have no right to receive such Distributions at any time, even if subsequent Distributions are paid in the future, or be entitled to any claim in respect thereof against the Issuer.

Optional Distribution Cancellation Event

Unless a Distribution has already been cancelled in full pursuant to a Mandatory Distribution Cancellation Event, prior to any Distribution Payment Date the Issuer may, at its sole discretion, elect to cancel any payment of a Distribution, in whole or in part,

Mandatory Distribution Cancellation Event

Notwithstanding that a Distribution Cancellation Notice may not have been given, the Issuer shall not be obliged to pay, and shall not pay, any Distribution on the applicable Distribution Payment Date, in whole or in part, as applicable, if and to the extent that:

• the Distribution scheduled to be paid together with any dividends, distributions or other payments scheduled to be paid or made during the Issuer’s then current fiscal year on any Parity Obligations or any instruments which rank or are expressed to rank pari passu with any Parity Obligations shall exceed Distributable Reserves as at such Distribution Determination Date; or
• the Monetary Authority directs the Issuer to cancel such Distribution (in whole or in part) or applicable Hong Kong banking regulations or other requirements of the Monetary Authority prevent the payment in full of dividends or other distributions when due on Parity Obligations

Dividend Stopper 

If, on any Distribution Payment Date, payment of Distribution scheduled to be paid is not made in full by reason of this Condition 4(B), the Issuer shall not:

• declare or pay in cash any distribution or dividend or make any other payment in cash on, and will procure that no distribution or dividend in cash or other payment in cash is made on, any Shares; or
• purchase, cancel or otherwise acquire any Shares or permit any of its Subsidiaries to do so,

Loss Absorption:

If a Non-Viability Event occurs and is continuing, the Issuer shall, upon the provision of a Non-Viability Event Notice, irrevocably (without the need for the consent of the Security holders of the Capital Securities) reduce the then principal amount of, and cancel any accrued but unpaid Distribution in respect of, each Capital Security (in each case in whole or in part) by an amount equal to the Non-Viability Event Write-off Amount per Capital Security (such reduction and cancellation, and the reduction and cancellation or conversion of any other Subordinated Capital Instruments so reduced and cancelled or converted upon the occurrence of a Non-Viability Event, where applicable, being referred to herein as the "Write-off", and "Written-off" shall be construed accordingly).

"Non-Viability Event" means the earlier of:
 1) the Monetary Authority notifying the Issuer in writing that the Monetary Authority is of the opinion that a Write-off or conversion is necessary, without which the Issuer would become non-viable; and 2)the Monetary Authority notifying the Issuer in writing that a decision has been made by the government body, a government officer or other relevant regulatory body with the authority to make such a decision, that a public sector injection of capital or equivalent support is necessary, without which the Issuer would become non-viable.

溫馨提示：CoCo bond是風險甚高的投資。雖然發行人都是大到不能倒的金融機構，但債券本身性質是轉移金融機構面對嚴峻危機衝擊時的風險。所以價格可以非常波動，甚至損失大部份或全部本金。雖然機率低，卻不表示沒有機會。所以要非常了解CoCo bond的機制和自己的承受能力才可以踫，不適宜重倉或高槓干操作。

Rating Action: 

Moody's assigns Ba2(hyb) to Bank of East Asia's point of non-viability perpetual AT1 capital securities

  

Global Credit Research - 12 Nov 2015

Hong Kong, November 12, 2015 -- Moody's Investors Service has assigned a Ba2(hyb) rating to Bank of East Asia, Limited's (A2 negative) proposed USD-denominated, perpetual, non-cumulative and subordinated Additional Tier 1 (AT1) capital securities.

The AT1 capital securities will be a drawdown from the bank's existing USD Medium Term Note (MTN) programme. The terms and conditions of the capital securities incorporate Basel III-compliant non-viability language in accordance with Hong Kong capital rules, and will qualify as regulatory AT1 capital.

The rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The Ba2(hyb) rating is positioned three notches below the bank's baseline credit assessment (BCA) and Adjusted BCA of baa2; in accordance with Moody's standard notching guidance for preferred securities with loss triggered at the point of non-viability on a contractual basis.

The three-notch difference from the Adjusted BCA reflects the probability of impairment associated with non-cumulative coupon suspension, as well as the likelihood of high loss severity when the bank reaches the point of non-viability.

Under the terms and conditions, the principal and any accrued but unpaid distribution on these capital securities would be written down, partially or in full, in the event that the Hong Kong Monetary Authority notifies the bank that without such write-off, the bank would become non-viable, or if the relevant government body, government officer or regulatory body decides to make a public sector injection of capital without which the bank would become non-viable. The amount of write-off has to be sufficient to ensure that the non-viability event ceases to continue.

In addition, to be classified as AT1 capital, Bank of East Asia, as a going concern, may choose not to pay distributions on a non-cumulative basis. As such, the distributions on these capital securities are fully discretionary. However, a common share dividend stopper applies, if a distribution is missed.

These securities are senior to common shareholders, but junior to all depositors, general creditors, senior debt and subordinated debt holders.

The bank's standalone credit assessment takes into account its sound liquidity profile and capitalization. Bank of East Asia's large and growing Mainland exposures weigh negatively on its credit profile.

The bank's long-term deposit ratings of A2 incorporate three notches of systemic support.

Its ratings carry a negative outlook, reflecting Moody's concerns that the Hong Kong government's (Aa1 stable) intention to limit the use of public funds in the resolution of distressed financial institutions — as indicated in the government's consultation paper for revising the bank resolution regime — will lead to a lower likelihood of support for Bank of East Asia.

Bank of East Asia's ratings are as follows:

- Long-term/short-term deposits ratings: A2/P-1

- Senior unsecured debt: A2

- Senior unsecured MTN programme rating: (P)A2

- Legacy subordinated debt: Baa3(hyb)

- PONV subordinated debt: Ba1(hyb)

- Subordinated MTN programme rating: (P)Ba1

- Senior unsecured commercial paper: P-1

- Counterparty Risk Assessment: A1(cr)/P-1(cr)

- Baseline credit assessment: baa2

- Adjusted baseline credit assessment: baa2

The outlook on the bank's deposit and senior unsecured ratings is negative.

What could change the ratings up/down

The rating of this capital securities could be upgraded if Bank of East Asia's BCA is adjusted upwards. If the bank can maintain good asset quality and effective risk controls — against the backdrop of the current challenging credit environment in China — and maintain consistent strong capitalization levels following its share placement with Sumitomo Mitsui Banking Corporation (A1 stable), its standalone assessment may be upgraded.

Conversely, downward pressure on the rating of this instrument could materialize if Bank of East Asia's BCA were adjusted downwards.

The bank's BCA may be adjusted downwards if strong loan and asset growth outpace capital generation, leading to a tangible common equity/risk weighted assets ratio below 10.5%.

Further material increases in Mainland exposures, or a worse than expected economic slowdown in Hong Kong and China may also trigger a review for downgrade.

A significant deterioration in the bank's asset quality metrics, with impaired loans exceeding 1.5%, may also trigger a review for a downward adjustment.

The principal methodology used in this rating was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Bank of East Asia, Limited, headquartered in Hong Kong, held total assets of HKD816 billion at 30 June 2015.

* 碧桂園 7.5% 3/9/2020

Bond Information

ISIN	XS1164776020
Issuer	Country Garden Holdings Co Ltd
Guarantor	Subsidiaries With Restrictions
Issue/ Reoffer Price	100.000
Announcement Date	26-Feb-2015
Issue Date	09-Mar-2015
Maturity Date	09-Mar-2020
Years to Maturity	3.965
Currency	USD
Annual Coupon Frequency	Semi Annually
Coupon Type	Fixed
Annual Coupon Rate (% p.a.)	7.500

Bond Credit Rating (Moody's / S&P / Fitch)	Ba1/ BB/ BB+
Issuer Credit Rating (Moody's / S&P / Fitch)	Ba1/ BB/ BB+
Seniority	Senior Secured
Exchange Listed	SGX
Modified Duration	3.4
Issue Size	USD 900,000,000

額外一級資本債（AT1）與次級資本債（Tier 2 Capital）的分別?

溫馨提示：CoCo bond是風險甚高的投資。雖然發行人都是大到不能倒的金融機構，但債券本身性質是轉移金融機構面對嚴峻危機衝擊時的風險。所以價格可以非常波動，甚至損失大部份或全部本金。雖然機率低，卻不表示沒有機會。所以要非常了解CoCo bond的機制和自己的承受能力才可以踫，不適宜重倉或高槓干操作。

於農曆新年期間，市場傳出歐洲部分銀行可能無法支付即將到期的應急可轉債（CoCos Bonds）利息，令公眾重新認識這類產品的條款。根據《巴塞爾協定三》（Basel III）的規定，由銀行發行的次級永續債若然符合相關規定的情況下，將符合作為「額外一級資本」（Additional Tier 1 Capital）而發行。事隔一個月，相信大部份投資者都已經明白應急可轉債（為額外一級資本）有無需支付利息並且不會違約的風險，並有損失本金及被逼換股的可能性。其實根據《巴塞爾協定三》的條款，組成銀行資本比率的還有另外兩個級別的資本：「次級資本」（Tier 2 Capital）及普通股權核心一級資本（Core Equity Tier 1）。那麼由銀行發行的次級資本債券及額外一級資本債券到底有何分別呢？我們根據《巴塞爾協定三》對這兩個類別的應急資本（Contingent Capital）所設立的＜b>最低要求，列出下列幾項我們認為投資者必須要知道關於額外一級資本及次級資本的特點。

1. 對債券發行人資產的優先權

若然債券發行人清盤，相比起額外一級資本債，次級資本債對發行人的資產有較優先的追溯權，所以經變賣資產所得的資金必須優先償還次級資本的持有人，之後才到額外一級資本的持有人。整體優先權而言，銀行清盤會優先償付存款戶，之後為一般的優先債權人，其後為次級資本證券持有人，再次一級的是額外一級資本證券持有人，最後為普通股權核心一級資本證券持有人。

2. 債券年期

額外一級資本債(AT1)必須為永續債，而次級資本債(T2)的發行年期最少為五年。另外，次級資本債無發行人提高票面息率的選擇權或任何其他債券特點令發行人行使贖回權，不過兩者均可於發行後五年行使贖回權。

3. 利息派發

發行人有全權自由決定，取消派發額外一級資本債的到期利息，並且無需於未來支付任何曾經取消派發的利息，而次級資本債則未必一定有此規定。因為額外一級資本的規定列明，其利息必須由可派發的來源所支付，而當中構成這絕大部分的資金來源乃來自於銀行該個財政年度的盈利，並減去過去虧損，所以一旦銀行該個財政年度錄得盈虧，市場將會預期額外一級資本債有可能無法支付到期利息。早前歐洲銀行的應急可轉債恐慌亦源由於此，所以大部分的應急可轉債價格均有明顯下行，盈虧愈嚴重，代表未來將會取消派發利息的次數亦有可能愈多，因為銀行可能需要數年時間回復其盈利能力並抵消一次高額的盈虧。

整體而言，銀行以額外一級資本或次級資本形式所發行的債券的收益率，相對一些同一信貸評級發行人的優先無擔保債券(Senior Unsecured)會較高，因為這些以應急資本形式發行的債項旨在保障銀行的流動性，所以當銀行陷入財困時，這類額外一級資本及次級資本債項會有發行人註銷本金金額的權利，投資者變相擁有的保障就較少，符合回報與風險成正比的投資原則。不過需要留意並非所有由銀行發行的次級債券均為額外一級資本或次級資本，例如STANLN 5.125% 06Jun2034 Corp (GBP)只為一般企業債券，並無任何發行人註銷本金或取消派發利息的選擇權。(Source: Bond@fundsupermart)

* SMC Global Power 7.5 % ,6.75% Pert

 SMC Global Power is Philippine's largest independent power company by installed capacity, supplying 22 percent of the Luzon grid and 17 percent of the national grid.
Conglomerate San Miguel Corp wholly owns the company.

The 6.75% bonds will step up by 250bp if not called on 2/21/2021 ,reset Rate = T5 + Initial Spread (5.169%) + Step-Up Margin (2.5%),and by a further 250bp if there is a change of control. Dividends can be deferred, but are cumulative.

The 7.5% bond will reset to UST 5yrs+8.375% if not called in 11/2019

SMC Global Power 6.75%pert 簡介

SMC Global 6.75% bond feature & price quote Link

In a relatively short period, San Miguel has built a vertically integrated power company with a full spectrum of power businesses comprising of IPPA contracts through holding company SMC Global Power Holdings. Being a vertically integrated power company gives SMC the opportunity to compete and maximize value in key segments of the value chain by driving and capitalizing on synergies among fuel sourcing, power generation and power distribution.

flood the Pangasinan plains, and improvement of water quality of the Agno River which, otherwise, would pollute the downstream rivers. On December 15, 2009, SPDC (San Roque) successfully bid for the appointment to be the IPPA for the San Roque Power Plant and received a notice of award on December 28, 2009. SPDC (San Roque) assumed administration of the San Roque Power Plant on January 26, 2010 in accordance with an IPPA agreement with PSALM.

Greenfield Power Plant

Designed to initially produce up to 900 megawatts of electricity using the most modern combustion technologies that meet international environment standards, our new power plants in alita, Davao and Limay, Bataan, will help bring about security in power supply.

越秀地產 YUEXIU 4.500% 24Jan2023

ISSUER	BOND	YTW	YTM	Price	Dur	穆迪	SP	Finn	Special Feature	Updated
越秀地產(123HK)	YUEXIU 4.5 1/24/23		5.88%	92.8	5.7	Baa3		BBB-		3/9/16

越秀地產offer circular 及債價參考

越秀地產公司資料及財務報表參考etnet.com連結

越秀事件簿