Standard Chartered Bank has closed RMB800m five-year corporate bond for China Power International Development, reinforcing Hong Kong’s status as the offshore renminbi (RMB) centre.
The notes, due in 2015, are targeted at institutional investors and achieved a coupon rate of 3.20%, the tightest level ever achieved for a five-year RMB bond issued by a red-chip company in Hong Kong. Standard Chartered is the sole bookrunner and manager of the transaction. China Power’s bond offering has generated investor demand, attracting a broad range of both Asian and non-Asian investors from various sectors including banks, asset managers and hedge funds, insurance companies and private banks. The offering, oversubscribed by 10 times, was upsized to RMB800m from the original RMB600m at launch.
“We are delighted to be working with Standard Chartered on our inaugural corporate bond in the offshore market. The ability to raise capital in RMB via an offshore platform has given China Power an alternate and competitive fund-raising channel. We are also very proud to be contributing to the development of Hong Kong as the pre-eminent offshore RMB centre,” said Li Xiaolin, chairman of China Power. “Funds raised from the issue will be used to support China Power’s business in China.”
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