CHUAN HUP ISSUES 28 MLN DLR FRN
<Chuan Hup Holdings Ltd> said it has
signed a 28 mln U.S. Dlr guaranteed floating rate note due 1990
with a group of banks to refinance the company's existing
borrowings and to provide medium term funds.
    Chuan Hup said the issue has been arranged and managed by
Singapore International Merchant Bankers Ltd (SIMBL).
    SIMBL has invited Commonwealth Bank of Australia, National
Australia Merchant Bank (Singapore) Ltd, Bank of China, the
Bank of Comunications Co Ltd, DG Bank-GZB (Asia) Ltd, Kleinwort
Benson (Singapore) Ltd, Malayan Banking Bhd and N.M. Rothschild
and Sons (Singapore) Ltd to subscribe at a price of 100 pct.
    The notes will be guaranteed by the Commonwealth Bank of
Australia and will be placed with investors in the Asian Dollar
Market.
    The interest rate will be 1/10 point above the Singapore
inter-bank offered rate for six month U.S. Dlr deposits.
    The notes will be in bearer form in denominations of
100,000 dlrs and will be listed on the Stock Exchange of
Singapore Ltd, Chuan Hup said.
 REUTER
