Huaneng Power International Inc, one of China's largest listed
power producers, said Monday its 6 billion yuan (about 826.4
million U.S. dollars) worth of corporate bonds issued in December
would become tradable on Tuesday.
The bonds, rated AAA grade, would be available on the Shanghai
Stock Exchange. The company issued one billion yuan of five-year
bonds, 1.7 billion yuan of seven-year bonds and 3.3 billion yuan of
10-year bonds, with a coupon rate of 5.67, 5.75 and 5.90 percent
respectively.
Citic Securities led the underwriting, with another seven
companies forming an underwriter group, including Everbright
Securities and Ping An Securities.
Huaneng has said that its 2007 electricity output rose 13.2
percent year-on-year, and sales also increased as continued growth
led to greater demand.
The power generated by Huaneng in 2007 grew 13.2 percent over
the previous year, but the surging coal price and government
policies aimed at stabilizing power prices would add to the
company's cost, it said.
(Xinhua News Agency January 14, 2008)
