China's agricultural products issued 1.4 billion bonds in 2016 and 2019.
According to the Hong Kong Economic News, China Agricultural products (00149) announced that it will issue bonds of 200 million to 400 million yuan due in 2016 and 1 billion to 1.2 billion yuan in 2019, with annual interest rates of 8.5% and 10%, respectively.
If the subscription amount of the bonds in 2016 is less than 200 million yuan, the Hongan Group will subscribe until the subscription amount is 200 million yuan; if the subscription amount of the bonds is sufficient, Hongan will not subscribe.
If the 2019 bonds are not subscribed, PNG Resources (00221) Resources will subscribe for a maximum of $150 million of the remaining bonds, followed by a maximum of $720 million for the remaining bonds, and finally, the Hongan Group will subscribe for all of the remaining bonds. If the Notes are fully subscribed by PNG and Wang an, the total subscription fee of $17 million will be paid to the two companies from the proceeds.
The net proceeds are estimated to be about $1.354 billion and are intended to be used to repay existing debts, including outstanding loans owed by Chinese agricultural products to subscribers. The outstanding loans due to Hongan, Diyuantang and PNG for Chinese agricultural products are 880 million yuan, 325 million yuan and 200 million yuan respectively.
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Agricultural cooperatives want to pierce the "three ceilings"
Qin Jianfeng, chairman of the Guanshan Jianfeng Chicken raising Professional Cooperative in Ningxiang County: for example, this cooperative can have interest-free loans and this policy, but it is very difficult to implement it. By the end of 2013, there were 18259 farmers' specialized cooperatives and 1.807 million farmers in Hunan.
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Fully stimulate the development vitality of farmers' cooperatives
Recently, nine departments of the national inter-ministerial joint meeting on the development of farmers' cooperatives, such as the Ministry of Agriculture, the Development and Reform Commission, and the Ministry of Finance, issued the "opinions on guiding and promoting the standardized Development of Farmers' Cooperatives". This paper puts forward the task of strengthening the standardized construction of farmers' cooperatives from 12 aspects.
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