Striving for Efficiency with Mission on Shoulder, Working Together to Secure Financing: SSAM Successfully Issues First-Tranche SCPs in 2022
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Amid the recent grim situation of Shanghai, Shanghai State-Owned Assets Management Co., Ltd. (SSAM) has not slackened its efforts on epidemic control or ceased business operation. On April 20, it successfully issued its first tranche of super & short-term commercial papers (SCPs) in 2022, with a scale of 500 million yuan, a term of 135 days and a coupon rate of 2.00 percent.
Internally, SSAM's departments worked closely; externally, SSAM collaborated with intermediaries, overcame obstacles such as the closedown of the work place and the home quarantine of staff, conducted early planning and coped with arising problems in ways such as online meeting, telephone and e-mail, flexibly managed the pace of issuance, and advanced important work, including lead underwriter choice, issuance document preparation, regulatory policy communication, and bond bookkeeping and payment, in an orderly manner, thus completing the issuance at low cost professionally and efficiently.
The raised capital will be used to fully repay for near-matured bonds of 500 million yuan, to get financing business running and capital flowing while following the general principle of epidemic prevention and control, thereby ensuring the rigid redemption of debts at crucial time points. Afterwards SSAM will continue to fulfill its annual key tasks while conducting epidemic control, to further demonstrate its strengths as a state-owned capital enterprise in the tough battle and test.
