Mashang makes first financial bond placement

Mashang Consumer Finance has just issued its first batch of financial bonds, with the size of the issue being 500 million yuan (US$74.8 million).

The coupon rate of the bonds is fixed, with a tenor of two years.

According to Shanghai Brilliance Credit Rating & Investors Service Co Ltd, the credit rating of the issuer is AAA and the credit rating of the bonds is AAA.

Investors showed a strong appetite for the bonds, said the Chongqing-based consumer finance firm.

In August, Mashang was approved to issue bonds not exceeding 2 billion yuan in the national inter-bank bond market.

The company said that it will make arrangements for the issuance of subsequent financial bonds soon.