Last updated at: (Beijing Time) Tuesday, September 23, 2003
Standard Chartered leads first foreign corporate retail bond issue in HK
Standard Chartered, one of Hong Kong's three note-issuing banks, announced here Tuesday the launch of the first foreign corporate retail bond issue in Hong Kong for Ford Motor Credit Company.
Standard Chartered, one of Hong Kong's three note-issuing banks, announced here Tuesday the launch of the first foreign corporate retail bond issue in Hong Kong for Ford Motor Credit Company.
The retail bond offering consists of two tranches to cater for different investors' appetite. The 3-year Hong Kong dollar notes come in a denomination of 50,000 HK dollars (6,410 US dollars). Maturing on Oct. 10, 2006, the HK dollar notes carry a coupon of 4 percent, according to a press release issued by the bank.
The 4-year US dollar callable notes carry a coupon of 4 percent for the first two year and 5 percent after two years if the issuer decides not to call the notes at that time. This kind of notes have a denomination of 10,000 US dollars and will mature on Oct. 7,2007 if not called on Oct. 7, 2005.
Vin Plant, head of Consumer Banking of Standard Chartered Bank, said, "With such a prestigious and heavy-weight overseas company showing its confidence in Hong Kong, we are honored to take the lead in this fund raising activity and to play a part in facilitating the development of the local bond market."
Sale of the notes will commence on Sept. 24 and end on Oct. 3 on a "first come, first served" basis.
The issuer, Ford Motor Credit Company, is the world's largest automotive finance company based on the dollar value of the portfolio of finance receivables it owns and manages. Its parent company, Ford Motor Company, is the world's second largest automaker.