The Hong Kong-listed Sino-Ocean Land Holdings has become the first developer to launch yuan-denominated bonds since 2007, after being approved to issue 2.6 billion yuan ($380.64 million) in six-year corporate bonds to domestic institutional investors late last month.

The bonds will have an annual coupon rate of between 4.4 and 5 percent in the first three years; the rate for the remaining three years will be viable by the issuer, according to its offering circular.

The Hong Kong-listed Sino-Ocean Land Holdings has become the first developer to launch yuan-denominated bonds since 2007, after being approved to issue 2.6 billion yuan ($380.64 million) in six-year corporate bonds to domestic institutional investors late last month.

The bonds will have an annual coupon rate of between 4.4 and 5 percent in the first three years; the rate for the remaining three years will be viable by the issuer, according to its offering circular.

(Chinadaily.com.cn July 3, 2009)