Daimler issues first corporate bond in China
STUTTGART, Germany, March 14, 2014 /PRNewswire/ --
- Issue of first bond of 500 million renminbi
- Bond issued with a one-year maturity
- Daimler enters new territory by tapping capital market in China
- Bodo Uebber: "We are pleased to have created a new financing instrument, together with the Chinese authorities."
On Friday, Daimler AG issued a corporate bond in China for the first time, thus tapping into an additional source of finance for the rapidly growing China business. Daimler is the first foreign company to issue a bond with a volume of 500 million renminbi (equivalent to 60 million euros) and a maturity of one year. "We are pleased to have created a new financing instrument, together with the Chinese authorities, that fulfills the international standards," stated Bodo Uebber, member of the Board of Management of Daimler AG for Finance & Controlling and Daimler Financial Services. Together with the Bank of China and supported by the Chinese financial supervisory authority, Daimler has thus tapped into an important source of financing in the Chinese capital market. "We are pioneers with this bond issue, and at the same time are helping to open up the Chinese capital market for international issuers," continued Uebber. The bond met with strong demand and was broadly placed in the Chinese capital market.
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Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance and innovative mobility services. The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, Daimler continues to shape the future of mobility today: The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal to and fascinate its customers. For many years now, Daimler has been investing continually in the development of alternative drive systems with the goal of making emission-free driving possible in the long term. So in addition to vehicles with hybrid drive, Daimler now has the broadest range of locally emission-free electric vehicles powered by batteries and fuel cells. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities on five continents. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz, the brands smart, Freightliner, Western Star, BharatBenz, Fuso, Setra and Thomas Built Buses. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2013, the Group sold 2.35 million vehicles and employed a workforce of 274,616 people; revenue totaled €118.0 billion and EBIT amounted to €10.8 billion.
SOURCE Daimler Corporate Communications