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CGS Sells 5 Billion Yuan Perpetual Subordinated Bonds

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China Galaxy Securities (HKG:6881, SHA:601881), or CGS, completed the issue of 5 billion yuan of perpetual subordinated bonds on Thursday, according to a same-day Hong Kong bourse filing.

The bonds carry a coupon rate of 2% in the first five years, the securities broker said.

The price of the bonds will then be reset every five interest-accruing years, at the end of which the company may extend the term or redeem the bonds.

The company will use proceeds to repay the principal of maturing corporate bonds.

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