Chinese power companies

Strong demand for Power Construction Corp bonds

Neither debt challenges nor international criticism dampened investor enthusiasm for Power Construction Corporation of China's 3-year and perpetual paper.
Power Construction Corporation of China's proposed coal-fired power plant in Kenya has received criticism.
Power Construction Corporation of China's proposed coal-fired power plant in Kenya has received criticism.

Investors showed strong demand for the three-year and perpetual bonds of Power Construction Corporation of China, despite a negative outlook from SP Global Ratings and criticism of its project in Africa. The Shanghai-listed firm’s 3-year $300 million senior unsecured notes and $500 million perpetual bonds were subscribed more than 5 times and 4.4 times respectively. 

Order books for the 3-year Reg S $300 million bonds reached more than $1.5 billion from 71 accounts, with 96% of orders from Asia and the rest from Europe. Financial institutions including banks accounted for 47% of the book, while asset managers and fund managers accounted for 34%. Sovereign wealth funds also placed...

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