State Power charges into the bond market

The Chinese energy giant enjoyed a day to itself in Asia’s dollar bond market — and it certainly made the most of the attention.

The last time China’s State Power Investment Corp raised dollars, it was in the midst of an aggressive acquisition.

The company had turned to bank lenders to help fund its takeover of Pacific Hydro, an Australian renewable energy company, at the start of last year. It turned to a mix of Chinese and foreign banks to help the fund the deal, securing a loan worth $2.5 billion.

The catch was that the loan was only a bridge facility, and State Power needed to find replacement funding before its loan matured on January 29, 2017. It did just that this week, turning to bond investors for a deal...

¬ Haymarket Media Limited. All rights reserved.

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