McDonald’s Sells Yuan Bonds in Hong Kong, First by Foreign Firm
August 19th, 2010Via: Bloomberg:
McDonald’s Corp., the world’s largest restaurant chain, became the first foreign non-financial company to sell yuan-denominated bonds in Hong Kong.
McDonald’s, based in Oak Brook, Illinois, sold 200 million yuan ($29 million) of 3 percent notes due in September 2013, offer manager Standard Chartered Plc said in an e-mailed statement today.
The issue “opens up more potential issuers to tap this market, especially those who have sizable operations in China,” said Arthur Lau, a Hong-based fixed-income fund manager at JF Asset Management Ltd.
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McDonald’s sold its bonds in a private placement to Hong Kong institutional and professional investors, it said in a separate statement today. Money raised will provide working capital for expansion in China, where it will open as many as 175 restaurants this year, according to the statement.
