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China Yangtze Power to issue RMB 5 bln bills

Aug. 3, 2012 (China Knowledge) - China Yangtze Power Co<600900>, the country's largest listed hydropower corporation and operator of the massive Three Gorges Dam in Southwest China, announced today that it will issue RMB 5 billion in unsecured bills with a maturity of 365 days on the interbank market on Aug. 10, sources reported.

The company said that the bills will be issued at face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date will be on Aug. 13, and the to-be-issued bills are tradable on Aug. 14.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Construction Bank Co<601939><0939> has been assigned as book-runner and lead underwriter for the offering, and Agricultural Bank of China Ltd or ABC<601288><1288> will be joint lead underwriter.
This will be the third short-term bills issued by the company this year.

The company said earlier that its electricity output increased 7.94% YoY to 42.19 terawatt hours in the first half of this year.

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