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Central Huijin plans RMB 190-bln bond issue

Aug. 9, 2010 (China Knowledge) - China Central Huijin Investment Ltd, the domestic investment arm of the nation's sovereign wealth fund, is planning to issue more than RMB 190 billion worth of bonds in the next few months to fund major domestic commercial lenders and export-oriented financial institutions, the China Daily reported, citing sources familiar with the matter as saying.

The report said that Central Huijin will use RMB 110 billion to participate in the share offerings of the country's top three listed lenders, Industrial & Commercial Bank of China<601398><1398>, China Construction Bank Corp<601939><0939> and Bank of China<601988><3988>.

The remaining proceeds will be used to fund the Export-Import Bank of China and China Export & Credit Corp.

Analysts said that Central Huijin, which holds a 57.09% in ICBC, 67.53% stake in CCB and 35.42% stake in BOC, may spend at least RMB 100 billion on the rights issue of three state-owned banks to maintain its majority shareholder status.

Central Huijin may carry out fund-raising plan in October when market liquidity is relatively sufficient, said analysts.

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