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John Wang
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Finance
March 24 17:56

Xiaomi is issuing 8 billion RMB panda bonds

Сompany is seeking resources to fight the coronavirus and repay loans.
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Xiaomi is reportedly planning to issue the “panda bonds” worth 8 billion RMB. The additional funds will be used to fight the coronavirus spread.
According to Reuters sources, one billion RMB is going to get a fixed coupon, as well as a three year tenor. The income from the sales of the bonds will also be directed to covering the credits for China-based projects and boosting the company’s workforce. The venture is going supported by the Bank of China, which will take on the book running and underwriting functions. Industrial and Commercial Bank of China is, reportedly, planning to join the underwriting effort as well.
Xiaomi did not yet confirm the Reuters report. Earlier the company has announced, that 80% of its operations in China are coming back to work after the quarantine.