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BIZCHINA / Center

Listed companies to issue over 30b yuan corporate bonds

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-09-20 14:59

Statistics show that listed companies plan to issue more than 30 billion
yuan (US$3.99 billion) corporate bonds, after they were allowed by the
China Securities Regulatory Commission (CSRC) to issue such bonds on
August 14, the Shanghai Securities News reported today.

Having received approval from the securities regulator, China Yangtze
Power, which owns and operates the power plant of the 160-billion-yuan
Three Gorges Dam Project, is likely to be the first enterprise on the
mainland to launch corporate bonds.

Gemdale Corp, a leading real estate developer, on August 22 passed a
proposal to issue corporate bonds, only seven days after the corporate
rules were released.

Insiders said corporate bonds are more attractive to listed companies as
a way to raise money due to their lower finance costs.

In terms of industries, electric power and real estate companies show the
strongest desire in issuing corporate bonds.

In addition to Yangtze Power, power giants such as Guangdong Electric
Power Development Co Ltd and Huaneng Power International Inc, real estate
developers including China Vanke Co Ltd and Gemdale Corp, have announced
corporate bond issuance plans.

Listed companies plan to issue corporate bonds

Companies

Issuance

(maximum)

Duration

Status

China Yangtze Power

8 billion yuan

5-10 years

Approved by CSRC

Gemdale Corp

1.2 billion yuan

8 years

Approved by shareholders’ meeting

China Vanke Co

5.9 billion yuan

3-7 years

Approved by shareholders’ meeting

Offshore Oil Engineering Co Ltd

1.2 billion yuan

10 years

Approved by shareholders’ meeting

Guangdong Electric Power Development

2 billion yuan

No less than 5 years

Approved by shareholders’ meeting

Huadian Power International Corp Ltd

2.5 billion yuan

5-10 years

Approved by board of directors

Huaneng Power International

10 billion yuan

5-10 years

Approved by board of directors

Guoguang Electric Co Ltd

250 million yuan

3-7 years

Approved by board of directors

(For more biz stories, please visit Industry Updates)

Related Stories ?

� Yangtze Power to issue nation's first corporate bond
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� Corporate bond issuance may hit 100b yuan this year
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� CSRC will approve corporate bond issuance
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