Project finance

Article Abstract:

Morgan Stanley Asia Ltd. successfully floated a $200 million two-tranche securities offering for the city of Zhuhai, China using Zhuhai Highway Co. Ltd. as an issuer on Jul 31, 1996. The project finance offering was structured as a revenue bond as is secured by the revenues generated by vehicle registration fees in the Zhuhai. Decisions on project finance involve a credit analysis that involves multiple factors, including operating, construction and project development exposures, reserve funding and insurance requirements, debt limitations and collateral security.

Public Finance Activities, Highways & Streets Constructn, Highway and Street Construction, Municipal Govt Liabilities & Debt, Road construction, Securities, Local finance, Project finance, Municipal bonds, Zhuhai, China, Morgan Stanley Asia Ltd., Zhuhai Highway Company Ltd.

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At the forefront of development

Article Abstract:

China Guotai Securities Co. was created in 1992 by the People's Bank of China, China's central bank, along with two other securities dealers. The Shanghai-based China Guotai Securities is a quasi-public entity in that all its stock is owned by the Chinese government. China Guotai Securities, the largest securities dealer and the top underwriter of securities in China, is looking to expand into foreign markets.

China Guotai Securities Co.

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A pioneer in China's capital markets development

Article Abstract:

China Securities Co., a pioneer in China's capital markets development, was created in 1992 by the People's Bank of China, China's central bank, along with two other securities dealers. The success of China Securities, which had assets of $750 million and a pre-tax profit of approximately $15 million in 1995, is partly due to the close relations it enjoys with the Chinese government and banking industry.

China Securities Co.

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