Zhejiang Energy debuts $300m bond

Zhejiang’s largest power generator raises the first bond from a Chinese provincial government, riding on China’s better-than-expected manufacturing data.

Zhejiang Energy debuts $300m bond
Zhejiang Provincial Energy Group is the largest power generator in Zhejiang province

Zhejiang Provincial Energy sold a $300 million three-year bond on Tuesday, raising it hot on the heels of China’s better-than-expected manufacturing numbers.

The offering, which is Zhejiang Provincial Energy’s inaugural issuance in international debt capital markets, was issued by its subsidiary Zhejiang Energy Group. The Reg S-registered bond was supported by keepwell and liquidity support deeds, and an equity interest purchase undertaking from the parent. As such, it has an expected ratings of A2...

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