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Central Huijin to raise up to RMB 187.5 bln via bond issues

Aug.13, 2010 (China Knowledge) - China Central Huijin Investment Ltd, the domestic investment arm of the nation's sovereign wealth fund, China Investment Corp, plans to issue its first batch of bonds as early as end of August to raise about RMB 54 billion and to raise up to RMB 187.5 billion by the end of 2011 via bond issues, the Wall Street Journal reported, citing a source with the knowledge of the matter as saying.

Central Huijin expects the bond issues to help maintain shareholdings in Chinese major state-owned banks, said the sources.

Reportedly, Central Huijin is under increasingly funding pressure. As major capital channels of the government's economic stimulus packages, Chinese lenders' new loans hit a record last year. In recent months, lenders have unveiled fundraising plans to boost capital base.

The source, who declined to indicate identity, revealed that Central Huijin plans to raise as much as RMB 54 billion from the first batch of bond issue by the end of August.

China Development, Agricultural Bank of China Ltd<601288><1288>, China International Capital Corp Ltd and China Galaxy Securities will be the major joint underwriters for the issuance, according to the source.







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