Business / Markets

Cofco Trust plans to sell 2b yuan in securities

(China Daily) Updated: 2012-10-12 11:25

Cofco Trust Co plans to sell 2 billion yuan of notes backed by auto loans from GMAC-SAIC Automotive Finance Co, General Motors Co's auto-financing venture in China, according to a statement on Thursday.

The product will be sold in three tranches, including a top-rated AAA portion, an A rated section, and a subordinated part, the company said in a statement published on Chinamoney.com.cn, a website of the China Foreign Exchange Trade System.

The product is made up of 50,614 loans from across China, according to the prospectus. The top-two tranches will pay a floating interest rate, according to the prospectus.

China Daily - Bloomberg

 

Hot Topics

Editor's Picks