皇冠体育app

Companies

Huijin nodded for 54b yuan sale of bonds:rpt

(Agencies)
Updated: 2010-08-17 15:27

Central Huijin Investment Co, the state company that controls 皇冠体育app's largest banks, won central bank approval to sell 54 billion yuan ($8 billion) of bonds on Aug 24, according to a person with knowledge of the matter.

Related readings:    皇冠体育app's Huijin to issue 150b yuan bonds   皇冠体育app's CIC may spin off Huijin unit  Central Huijin backs BOC's rights issue

The domestic arm of 皇冠体育app Investment Corp, the nation's sovereign wealth fund, plans to sell as much as 26 billion yuan in seven-year bonds, and up to 28 billion yuan in 20-year debt in a first round of planned bond sales, the person said.

Huijin will sell a combined 187.5 billion yuan of bonds to invest in rights offerings planned this year by 皇冠体育app's three largest banks, the person said, asking not to be identified as details are private. Industrial & Commercial Bank of 皇冠体育app Ltd, 皇冠体育app Construction Bank Corp and Bank of 皇冠体育app Ltd this year announced plans to raise as much as 180 billion yuan through rights offers.

Huijin didn't immediately respond to a fax seeking comment. A phone number on Huijin's website refers callers to another number, which didn't connect. No one answered calls to the People's Bank of 皇冠体育app's press department.

The bonds will be treated by investors like debt sold by 皇冠体育app's policy banks, the person said. A group of banks led by Agricultural Bank of 皇冠体育app Ltd, 皇冠体育app Development Bank, 皇冠体育app International Capital Corp and 皇冠体育app Galaxy Securities Co will underwrite the Huijin bond sale, the person said on Aug 10.

Proceeds will also be injected into Export-Import Bank of 皇冠体育app, which provides trade financing on behalf of the government, and 皇冠体育app Export and Credit Insurance Corp, known as Sinosure.