CTF Services, formerly NWS Holdings, has suspended its onshore Renminbi bond issuance planned on May 19 and 20, according to a public disclosure.
The company cited the fluctuation of interest rates as the primary consideration behind the sudden withdrawal of the up to Rmb800 million $111 million three-year renewable corporate bond, which was poised to list on the Shanghai Stock Exchange SSE, first announced on May 15.
Proceeds raised from the panda bonds were planned to fund the redemption of perpetual capital securities issued by Celestial Miles, a wholly owned offshore subsidiary of the company, with an outstanding amount of $300 million.
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