GM China auto-finance unit to sell 1.9b yuan bonds
Published January 14th, 2008
GMAC-SAIC Automotive Finance Co, a joint venture between General Motors Corp and China’s largest automaker, Shanghai Automotive Industry Corp, said it plans to issue 1.9 billion yuan ($260.71 million) in bonds backed by car loans on the interbank money market on January 15.
In a statement posted on the official Chinabond website (www.chinabond.com.cn), the company said the bonds comprise 1.67 billion yuan Class A securities with an “AAA” rating and 235.23 million Class B rated “A”.
The yield for the Class A and Class B will be set at 130-160 and 220-250 basis points above the one-year fixed deposit interest rate.
The one-year deposit rate currently stands at 4.14 percent.
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