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China Huaneng's massive corporate bonds to make market debut Tuesday
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14:15, January 14, 2008

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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 a 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.

Source: Xinhua

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