BEIJING, March 15 Ford Motor has
raised 1 billion yuan ($158 million) from its first-ever
yuan-denominated bond issue in Hong Kong, the automaker said,
joining a trickle of foreign firms that have tapped the
so-called dim sum debt market.
The bonds, with an annual interest rate of 4.9 percent,
mature in March 2015, the U.S. company said in a statement on
The firm is following in the tracks of the world's largest
heavy machinery maker, Caterpillar Inc, which issued its
second dim sum bond last July. McDonalds Corp and
Unilever have also tapped the dim sum market for funds.
Proceeds from Ford's offering will help finance general
corporate expenses at its China operations.
Ford makes Fiesta, Focus, Mondeo and other sedans in China
in a three-way tie-up with Chongqing Changan Automobile Co Ltd
and Japan's Mazda Motor Corp.
It also holds 30 percent of Jiangling Motors Corp
, which makes Ford's Transit vans.