September 16, 2011
Address: Yuhua Road in Shijiazhuang City, No. 9
statement
The purpose of the summary prospectus to the public only provides a summary of this issue and does not include the full text of the prospectus of each part. The prospectus also contains full text for www.cninfo.com.cn on (www.cninfo.com.cn). Before making the decision to subscribe for investors should carefully read the prospectus in its entirety and in its capacity as investment decisions.
unless otherwise stated or required by the summary prospectus and the related terms and abbreviations are used in the same prospectus. Section
release profile one, the basic issue in this case
(a) approval of
1,2011 June 13, the issuer of the sixth Board of the twelfth (temporary) meeting examined and approved the aggregate principal amount of the issuer not more than 800 million yuan of corporate bonds related to the motion, and submitted to the issuer 2011 In the third extraordinary general meeting for approval. Board of Directors were published in June 14, 2011, “China Securities News”, “Securities Times” and the huge influx of information network (www.cninfo.com.cn).
2,2011 June 29, 2011, the issuer held the third extraordinary general meeting to consider and approve the issuer aggregate principal amount of not more than 8 billion of corporate bonds, authorized by the Board of Directors approved the full range of relevant laws and regulations for the issuance of corporate bonds related matters. Shareholders meeting resolutions were published in the June 30, 2011, “China Securities News”, “Securities Times” and the huge influx of information network (www.cninfo.com.cn).
3, licensed by the China Securities Regulatory Commission [2011] No. 1306 approved by the issuer in China allowed no more than 8 billion public offering of corporate bonds.
(b) the principal terms of the bonds
1, bond Name: Energy Investment Co., Ltd., Hebei Construction Investment bonds in 2011.
2, Amount: issue bonds amounted to no more than 4.5 billion yuan.
3, par value and issue price: 100 yuan face value of the bonds, issued at par, par.
4, the bond period: six-year term of the bonds, the issuer with the end of the third option to raise nominal interest rates and investors sell back option.
5, bond interest rates and to identify ways: by the current coupon rate bond issuers and sponsors (lead underwriter) in accordance with the results of inquiry under the net issuance of common consultation, before the bond duration three-year fixed. If the nominal interest rate the issuer to exercise the option up, then increase the coupon rate of the bonds after a duration of three years before the bond coupon rate plus basis points increase in the bond fixed term follow-up; if the issuer does not exercise the option to increase the coupon rate , the follow-up period of the bonds coupon rate will remain unchanged the original coupon rate. Bond coupon interest rate to a single annual interest, not compound interest.
6, the form of bonds: real-name system of book-entry bonds. The bonds subscribed by investors in the securities registration authorities managed to open the escrow account records. After the current bond issuance, bond holders in accordance with the provisions of the relevant authorities the transfer of bonds, pledge and other operations.
7, debt service limit and method: current year bond interest, principal repayments due time. Interest paid once a year, the last one with the principal along with interest payments. Annual interest payments from the interest payment date without any additional interest, principal payment date is not another self-interest.
8, interest payments, payment method: principal and interest payment of the bonds in accordance with the relevant provisions of the securities registration authorities the list of bondholders to statistics, principal and interest payment and other specific arrangements in accordance with the relevant provisions of the securities registration authorities for.
9, nominal interest rates options: the issuer the right to determine the duration of the bonds end up third after three years of the bonds coupon rate, the adjustment of 1 to 100 basis points (inclusive), where 1 basis point to 0.01%. The Issuer will issue bonds, the first three years interest-bearing first 15 trading days prior to the China Securities Regulatory Commission issued on the specified media raised the issue of whether the bond coupon rate and the notice of rate increases. If the issuer does not exercise the right to choose nominal interest rates, the follow-up period of the bonds coupon rate will remain unchanged the original coupon rate.
10, back to the sale terms: issuers raised about whether the current rate bond coupon rate and the increase after the announcement, investors have the right to choose to issue bonds of the first three years interest-bearing will be held on the bonds back at par sold all or part of the issuer or choose to continue to hold the bonds. The third issue of bonds bearing annual interest payment date shall be sold back to the date of payment, the issuer will be in accordance with the Shenzhen Stock Exchange and securities related business rules, complete the registration agency for sale to pay back to work. Back to the bondholders during the reporting period through the sale of the way back to the sale of the specified report. Bondholders back after sale confirmed irrevocable declaration, the corresponding nominal amount of the bonds will be frozen transactions; back to the sale of the reporting period not to declare, then sold back as a waiver of the right to choose, to continue to hold the bonds and raised the issue about whether to accept the bond coupon rate and increase the magnitude of the decision.
11, back to the sale of the reporting period: the Issuer to issue the bonds on whether to raise interest rates and the coupon rate increases from the date of the notice within 3 days.
12, the value date: August 29, 2011.
13, Interest Payment Dates: Interest on the bonds for the 2012 to 2017 on 29 August each year (in case of legal and government-designated holidays or rest days, will be postponed to the subsequent 1 business day); if investors exercise the option to sell back, then back to the sale of part of the bond interest payment date for the 2012 to 2014 on 29 August each year (in case of legal and government-designated holidays or rest days, the postponed to the first working day thereafter).
14, the redemption date: current bond payment date is August 29, 2017 (in case of legal and government-designated holidays or rest days, will be postponed to the first business day thereafter); If investors exercise the option to sell back, then back to sell some bonds to the redemption date of August 2014, 29 (in case of legal and government-designated holidays or rest days, will be postponed to the first working day thereafter).
15, Guarantor, and by way of security: Hebei Construction Investment Group to issue bonds, provide unconditional and irrevocable joint and several responsibility to ensure security.
16, credit rating and credit rating agencies: in good faith by the Securities Rating Co., Ltd. a comprehensive assessment of the issuer issuer credit rating to AA, the credit rating of the bonds AAA.
17, sponsors, underwriters, bond trustee: China Galaxy Securities Co., Ltd..
18, issue: issue bonds to institutional investors under the net for the placement of the inquiry approach, offline subscription by the issuer and the sponsor (underwriter) inquiry conducted under the Placing .
19, issued to: the securities registered institutions to open A-share securities accounts qualified institutional investors (laws, regulations banning the purchase of those excluded).
20, the company shareholders to subscribe to the arrangement: the bonds do not give priority placement to the shareholders of the Company.
21, underwriting methods: the bonds formed by the lead underwriter responsible for the underwriting syndicate to underwrite the balance of the way underwriting.
22, release cost estimates: the cost issue bonds not to exceed 1.0% of the total funds raised.
23, use of proceeds: to be used to adjust the company debt structure and supplement working capital.
24, to be listed: the Shenzhen Stock Exchange.
25, listing arrangements: the end of this issue, the Issuer will make the Shenzhen Stock Exchange as soon as the bonds traded on the application. Specific time will be announced.
26, new collateral repo: the main body of the issuer credit rating to AA, the credit rating of the bonds AAA, in line with a new pledge repo transactions, the basic conditions, the specific conversion rate the Shenzhen Stock Exchange and the securities registration matters will be relevant agency regulations.
27, Tax Tips: According to the relevant state tax laws, regulations, investors should issue bonds to pay the tax borne by investors.
(c) the relevant date of this release
1, current bond issuance schedule
2, arrange the bonds listed
the end of this issue, the Issuer will make the Shenzhen Stock Exchange as soon as the bonds traded on the application. Specific time will be announced.
Second, the bonds issued by the relevant agencies
(a) Issuer: Energy Investment Co., Ltd., Hebei Construction Investment
Address: Shijiazhuang Yuhua West Road No. 9
Legal representative: Li Lianping
Contact: Yao Xu, Guo Jia
Tel :0311 -85,288,633, 85518875
Fax :0311-85518601
(b) of the syndicate:
1, sponsors, underwriters, bond trustee: China Galaxy Securities Co., Ltd.
home: 35 Financial Street, Xicheng District, Beijing, No. 2-6 layers
legal representative: Gu Weiguo
Contact people: on behalf of Xu, GE Long, Wang Jian, while Yang, Lv Jinyu, right Hao Qing
Tel :010-66568161, 66568062
Fax :010-66568704
2, Deputy Lead: Finance Link Securities Co., Ltd.
Address: main road 15, Hangzhou, Zhejiang Hangzhou Jiahua International Business Center 201,501,502,1103, 1601-1615,1701-1716 room
legal representative: SHEN Ji-Ning
Contact: Ma Denghui, mine rock
Tel :010 -68,530,988 ,0571-87828267
Fax :0571-87821417
3, distributor: Guangzhou Securities Co., Ltd.
Address: Guangzhou City Road martyrs Dongshan Plaza, 69 Main Building, 17th Floor,
Legal representative: Liu
Contact: Song Qianqian
Tel :020-37588515
Fax :020-87321755
(c) the issuer lawyer: Law Firm, Beijing, Shigemitsu
Address: Xicheng District, Beijing Guang Ning Bo Street 7th Floor
charge: Yaohui
Contact: Xu Yang, Liu Yahui
Tel :010-52601096, 52601070
Fax :010-52601075
(d) Certified Public Accountants: Zhonglei Certified Public Accountants Co., Ltd.
Address: Beijing Fengtai District, Science City Bridge Spark Road
Legal Representative: Xie Zemin
Contact: Caozhong Zhi, Wen-Ping Liu, Liu Guihong
Address: Shijiazhuang City, Hebei Province Recreation Street, Building No. 14 Cheung source
Tel :0311-85202398
Fax :0311-85202358
(e) Guarantor: Hebei Construction Investment Group LLC
Address: Yuhua Road in Shijiazhuang City, No. 9, Tower A Yuyuan Square
Legal representative: Li Lianping
Contact : public Feng Tao
Tel :0311-85288963
Fax :0311-85288700
(f) Credit rating agencies: the integrity of securities assess the
Ltd. Address: Shanghai Qingpu District, the new industry, 968 Road, Room 599, No. 1
Legal representative: Zhou Hao
Contact: Shao Jinhong, Gehe Jun
Tel :021-51019192 ,010-57602230
Fax :021-51019030 ,010-57602299
(g) income section Bank:
Account Name: China Galaxy Securities Co., Ltd.
Bank: Merchants Bank Co., Ltd. Beijing Branch Office
account : 110902516810601
(h) apply for the bonds listed on the market place: Shenzhen Stock Exchange
Address: 5045 Shennan Road East, No.
General Manager: Song Liping
Tel :0755-82083333
Fax :0755-82083275
(i) issue bonds, registration authorities: China Securities Depository and Clearing Co., Ltd. Shenzhen Branch
Address: 1093 Shennan Road, Shenzhen, CITIC Tower, 18th Floor,
person in charge: Dai Wenhua
Tel :0755-25938000
Fax :0755-25988122
Third, the subscriber promises
investors buy the bonds (including The initial purchase of the bonds and the secondary market purchaser and otherwise legally acquired the bonds of the people) are considered to make the following commitments:
(a) to accept the bonds to raise instructions on the issue of rights and obligations under the Notes and be bound by all provisions;
(b) the issuer of bonds in accordance with current laws and regulations place legal changes in the approval by the competent authorities accordance with the law after the change of information in respect of such disclosure, investors agree to and accept the change;
(c) issue bonds in accordance with relevant laws and the guarantor, regulations, legal change occurs in the approval by the relevant competent authorities and shall make information disclosure in respect of such changes, investors agree to and accept the change;
(d) After the bonds issued, the Issuer will apply for this issue bonds traded on the Shenzhen Stock Exchange by the lead underwriter on behalf of the relevant procedures, investors agree to and accept this arrangement.
four, employed by the issuer and its current bond issue with the person in charge of the agency and its senior management and handling personnel or other relationship between the equity stakes
employed by the issuer and the bonds of the issue with the agency and its principals, senior management and handling personnel do not exist between the direct or indirect relationship or other equity interests.
Section issuer credit standing
First, the credit rating of the bonds
integrity assessment in the comprehensive assessment by the issuer The issuer credit rating of AA, the credit rating of the bonds AAA.
Second, the credit rating report of the main issues
(a) the credit rating represents the findings and identify the meaning
the main body of the issuer credit rating for the AA, said the ability of issuers to repay debt are highly affected by unfavorable economic environment less risk of default is low, the Guangdong Science Center tickets.
credit rating of the bonds AAA, said the current high credit quality bonds, credit risk is extremely low.
(b) whether the guarantee of the differences in the case of the rating conclusion
the integrity assessment is based on the strength of the company own operations and solvency of the comprehensive assessment, assessment of the company main credit rating of AA; Hebei Construction Investment Group to issue bonds to provide unconditional and irrevocable joint and several responsibility to ensure security, the integrity assessment of Hebei Construction Investment Group main credit rating of AAA, the guarantor credit rating not lower than the main credit rating; in the integrity assessment based on the company and the guarantor of the comprehensive assessment, assessment of current bond credit rating AAA. The company issuer credit rating of the company financial strength on their own ability to repay all the debt, is the assessment of long-term credit rating, the bonds can be the same as in case of unsecured credit rating.
Therefore, the bonds in case of unsecured credit rating of AA, in the case of secured credit rating to AAA.
(III) rating, the major contents
assessment of the bonds in good faith assessment of credit rating AAA, the current level reflects the high credit quality bonds, credit very low risk. At the same time, taking into account the level of Hebei Construction Investment Group provides an unconditional and irrevocable joint and several responsibility to ensure that guarantee principal and interest on the bonds to pay for the protection of the role played.
in good faith assessment of the energy assessment Investment Co., Ltd., Hebei Construction Investment issuer credit rating of AA, the level of debt reflects the company strong ability to adversely affect the economic environment less risk of default is is low. Certainly in good faith assessment of the company in Hebei South Network has regional competitive advantage, the controlling shareholder of Hebei Construction Investment Group strong support, and corporate power generating units with higher efficiency and other positive factors. Meanwhile, the integrity assessment in which the Company is also concerned about the net power generation capacity in Southern Hebei lead to increased competition increasing, coal prices continue to rise, the subsequent capital expenditure will increase the size of corporate debt levels and other factors on the impact of the credit company.
1, positive
(1) regional competitive advantage. As of March 31, 2011, the company attributable installed capacity was 2.607 million kilowatts, of which 2.347 million kilowatts in the Hebei South Network, installed capacity of the top three in the region, with strong competition.
(2) the company more efficient generating units operate. Thermal power generating units with units of energy consumption and reduce the size of the increase in company-owned generating units are participating in more than 300,000 kilowatts, and the close distance of the coal-producing areas, electricity supply secure, efficient operation of power generation assets.
(3) shareholder support. Controlling shareholder, Hebei Province, Hebei Construction Investment Group is the largest energy, transport infrastructure investment group, receive local government support. Hebei Construction Investment Group is committed, the new thermal power project in terms of permitting and capacity of the company, will be gradually acquired by the company and construction. In 2009, Shahe, Hebei Construction Investment Group Renqiu thermoelectric projects and invest in the project by the holding company, to fulfill the relevant commitments. Currently, the company intends to acquire shares through the issuance of 39,039.44 shares of the controlling shareholder of generation assets, if the smooth implementation of the asset reorganization will further enhance the company competitive strength.
2, attention
(1) regional competition becomes increasingly fierce. In 2010, Hebei South Network Commission made the purchase of electricity transfer capacity to 2,541 million kilowatts, “five-second” period of about eight million kilowatts will be put into operation, which will increase the company where the electricity market.
(2) coal prices. Impact of coal thermal power price changes become an important factor in the level of corporate profits. In 2011, thermal coal contract prices continue to rise, the market price or the shock upstream, cost control for the company to bring some pressure.
(3) future capital expenditures greater. At present, the size of corporate debt is manageable, but with the planning phase into the construction of the project period, will increase the size of liabilities, the company capital spending pressures.
(d) the arrangements for follow-up rating
According to the relevant provisions of China Securities Regulatory Commission, rating industry practice and the relevant provisions of the Company rating system, rating reports issued since the first day ( the rating indicated on the report date), in good faith assessment of credit rating in the life of the bonds or the duration of the bonds, the bonds continued attention to the external business environment changes in the issuer, and changes in operations or financial condition debt security of the bonds and other factors, to the credit risk of the bonds continuous tracking. Follow-up ratings including regular and irregular track rating.
in the follow-up rating period, the integrity assessment of the issuer and the guarantor will be released annual report within one month after completion of the annual regular track rating, and published on a regular basis and report the results of follow-up ratings; in this period, such as the Issuer, the Guarantor may affect bond credit rating of the current events, shall promptly notify the credit assessment, and provide relevant information in relation to matters of faith assessment of the research, analyze and publish from time to time follow-up ratings the results.
such as the Issuer, the Guarantor fails or refuses to provide relevant and timely information, the integrity assessment will be based on the analysis of the situation, to confirm or adjust the body accordingly, bond credit rating or credit rating announcement temporarily disabled.
in good faith assessment of the results of regular and irregular track rating and other related information will be huge influx of information network (www.cninfo.com.cn) and in the integrity assessment of sites (www.ccxr.com.cn ) shall be announced.
Third, the creditworthiness of the issuer
(I) to obtain the credit situation of the major lending banks
As of June 30, 2011, issuer to obtain the main lending bank line of credit is 19.974 billion yuan, of which the unused credit line of 11.223 billion yuan.
(b) the occurrence of the last three years the business with major customers of default
the last three years with major clients in the issuer business dealings, no serious non-compliance.
(c) of the last three years and the repayment of bonds issued
issuers in recent years and the repayment of bonds issued by the following table:
(d) The total corporate bonds issued after the issuer most recent balance its accounts audited consolidated net assets of the
current bond issuance, the issuer total debt balance does not exceed 4 .5 billion, Guangdong Science Center tickets, representing the issuer as of the end of 2010 audited equity ratio of 4.096 billion yuan less than 10.99%.
(five) in the last three years and a major financial indicators
issuers nearly three years and a major financial indicators of the following table:
Note: Current ratio = current assets / current liabilities
Quick Ratio = (Current Assets – Inventories) / Current Liabilities
debt ratio = Total Liabilities / Total Assets
interest cover = (total profit interest expense included in financial expenses) / credited to finance costs and capitalized interest on the total expenditure
loan repayment rate = actual loan repayments / should repay the loan amount
interest coverage ratio = actual interest paid / payable Interest Section
guarantees the bonds by the Hebei Construction Investment Group provide unconditional and irrevocable joint and several responsibility to ensure security.
First, the guarantor of the basic situation
(a) the guarantor PROFILE
Name: Hebei Construction Investment Group Co., Ltd.
Address: Yuhua Road in Shijiazhuang City, No. 9, Tower A Yuyuan Square
Legal representative: Li Lianping
Registered Capital: Fifty one hundred million yuan rented furnishings
scope of business: energy, transportation, water supply, agriculture, tourism, services, real estate, industrial, commercial, investment and management
Hebei Construction Investment Group Co., Ltd. company formerly known as Hebei Construction Investment Company, after the restructuring of state-owned limited liability company, the name change for the Hebei Construction Investment Group Co., Ltd., while the registered capital increased to $ 15 billion. The original Hebei Construction Investment Company rights and obligations of the limited liability company after the reform of inheritance.
Hebei Construction Investment Group Co., Ltd. is approved by the People Government of Hebei Province, established state-owned company, is to perform its regulatory duties by the Hebei SASAC state-owned capital operation agencies and investors, mainly in energy, transportation and other basic industries and pillar industries of Hebei Province, the investment and construction. Hebei Province is the largest state-owned investment assets of the company, holding A-share listed company Energy Investment Co., Ltd., Hebei Construction Investment and H-share listed companies, new heavens and Green Energy Co., Ltd., shares of Huaneng Power International Inc., Datang International Power Generation Corporation and other large listed companies.
(b) the guarantor of the last two years audited key financial data and the first quarter 2011 unaudited financial data
in Lei of Certified Public Accountants Co., Ltd. Guarantor 2010 financial audit report and issued a standard unqualified audit report in the trial Lei Zi [2011] No. No. 10009.
sponsor the last two years of audited key financial data and 2011 first quarter unaudited financial data (combined diameter) are as follows:
Note: The asset-liability ratio = Total liabilities / total assets
current ratio = current assets / current liabilities
Quick Ratio = (Current Assets – Inventories) / Current Liabilities
issuers accounted for Hebei Construction Investment Group key financial data ratio (consolidated basis) as follows:
(c) the credit status of the
Hebei Construction Investment Group has long been the commercial banks with good relationship, as March 31, 2011, Hebei Construction Investment Group to obtain the main lending bank line of credit of 46.66 billion yuan, of which the unused credit line of 20.67 billion yuan. The bonds in good faith assessment of the secured party Hebei Construction Investment Group of the main credit rating as AAA, that Hebei Construction Investment Group repayment ability is very strong, largely unaffected by the adverse economic environment, the risk of default is very low.
(d) of total foreign guarantees
As of March 31, 2011, Hebei Construction Investment Group external guarantee balance of 7.287 billion yuan total, attributable to the parent equity of 19.096 billion yuan, accounting for the cumulative balance of guaranteed equity attributable to parent company ratio of 38.16%. Considering the bonds, Hebei Construction Investment Group total foreign balance will not guarantee more than 8.087 billion yuan, accounting for equity attributable to equity holders of no more than 42.35%.
(e) the solvency analysis
Hebei Construction Investment Group size effects are more obvious, debt pressure is small, ability to obtain cash from operating activities, with a strong overall financial strength and overall ability to resist risks.
1, the financial composition analysis
from the assets constitute a point of view, the end of 2010, Hebei Construction Investment Group assets totaled 67.132 billion yuan, of which liquid assets totaled 14.587 billion yuan, accounting for 21.73% the proportion of total assets, fixed assets totaled 17.921 billion yuan, accounting for total assets ratio of 26.70%; from the liabilities of the point of view, Hebei Construction Investment Group in late 2010 Total liabilities 38,221,000,000 yuan, of which current liabilities totaled 9.115 billion yuan, accounting for the total debt ratio of 23.85%, non-current liabilities totaled 29.106 billion yuan, accounting for the total debt ratio of 76.15%. Hebei Construction Investment Group assets, the larger, overall asset structure is reasonable, the overall asset quality is higher.
2, solvency analysis
the last two years and the first quarter of 2011, Hebei Construction Investment Group main solvency indicators of the following table:
From the short-term liquidity point of view, the end of 2010, Hebei Construction Investment Group current ratio was 1.60, down 13.04%; quick ratio was 1.28, down 16.88%. Hebei Construction Investment Group, although the current ratio and quick ratio decreased, but still are at a reasonable level. In the long term solvency, the end of 2010, Hebei Construction Investment Group gearing ratio was 56.93 percent, compared with the end of 2009 increased 2.56 percentage points. Hebei Construction Investment Group overall debt level is relatively stable, short-term debt less pressure on the overall solvency strong, has good ability to resist risks.
3, profitability analysis
the last two years and the first quarter of 2011, Hebei Construction Investment Group main profitability indicators of the following table:
Hebei Construction Investment Group operates in good condition, profitability and stable growth. 2010, the company achieved operating income of 13.921 billion yuan, up 33.97%; total profit of 939 million yuan, an increase of 8.93%; net profit of 817 million yuan, down 9.22 %. Group profitability is better for the debt to repay to provide a guarantee.
4, cash flow analysis
the last two years and the first quarter of 2011, Hebei Construction Investment Group main indicators of cash flow table below:
Hebei Construction Investment Group to cash flow for the whole of the business development group to provide strong support. 2010, the Group net cash flow from operating activities for the 2.386 billion yuan, an increase of 23.63%. Group cash flow from investing activities greater expenditures, mainly due to group affiliated energy and transportation sector has developed rapidly in recent years, investment spending large, Guangzhou, which is suitable for summer fun attractions.
Second, the guarantee letter
main guarantor of the bonds issued by a guarantee letter to the bondholders. The main contents of the letter of guarantee is as follows:
(a) the types of secured bonds,
the amount of the bonds to be guaranteed bonds, issued not more than 450 million yuan of total .
(b) the warranty period
Hebei Construction Investment Group assume responsibility to ensure the bonds during the first day of issue to issue bonds for two years after the due date. Bondholders, the bond trustee is not required during this period, Hebei Construction Investment Group assume responsibility to ensure, or after the warranty period does not claim credit before the expiration of the statute of limitations to the recovery of Hebei Construction Investment Group, Hebei Construction Investment Group exempted ensure that responsibility.
(c) ensure that the way
Hebei Construction Investment Group is committed to ensure that the way to unconditional and irrevocable joint and several responsibility to ensure security.
(d) ensure that the range
Hebei Construction Investment Group include guaranteed principal and interest on the bonds, liquidated damages, damages, costs and claims to achieve Other fees to be paid.
(e) to ensure accountability
such as bond issuer in the prospectus is not within the prescribed period as agreed to pay the bonds principal and / or interest, guarantor should receive the bond trustee or the bondholders claim in writing, in accordance with letter of guarantee obligation to the bondholders to honor the bond, the corresponding bond principal and interest, liquidated damages, damages, costs and claims to achieve other securities to be included in the registration fees paid by bond trustee agency or the designated account. Bondholders may be separately or jointly undertake to guarantee the guarantor liability. Bond trustee in accordance with the “Bond Trustee Management Agreement” the agreement on behalf of bondholders require the guarantor to fulfill guarantee obligations. Guarantor guarantees bondholders or bond trustee receives a written demand for payment notice to the bondholders settle the payments.
(f) the issuer, the guarantor, the bond trustee, bondholder rights and obligations between the
guarantor of the issuer to perform under the bonds also The interest payment obligations to provide security, bond trustee on behalf of bondholders entitled to exercise rights under the guarantee.
