The Export-Import Bank of China (China EximBank), a state-owned policy bank, underwrote 4 billion yuan (about 557.9 million U.S. dollars) of special bonds for energy supply.
This was the first time for the bank to act as a lead underwriter for special bonds for energy supply. The issuance, by China Reform Holdings Corporation Ltd., has a maturity of five years with a coupon rate of 2.85 percent.
Funds raised will be dedicated to helping power producers under central administration boost energy and power supply, the bank said.
To ensure energy supply, China’s State Council pledged support for the issuance of 200 billion yuan of special bonds at an executive meeting in late August.
Established in 1994, China Eximbank is a state-funded bank that supports the country’s foreign trade, investment, and international economic cooperation.
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Originally published by Xinhua