MAINBOARD-LISTED China Everbright Water issued its third tranche of corporate "panda bonds" on Monday, the Chinese water management company has announced.

The latest tranche of panda bonds - so called because they are yuan-denominated bonds from a non-Chinese issuer - completes the issuance of Everbright Water's first such bonds, in a 2.5 billion yuan (S$500 million) debt programme unveiled in 2017.

Some 700 million yuan in 3.89 per cent five-year bonds were subscribed 2.2 times over by qualified investors in China, with proceeds going to general working capital for Everbright Water subsidiaries.

Both Everbright Water and the latest bond tranche have been rated "AAA" by Shanghai Brilliance Credit Rating & Investors Service Co.

An Xuesong, executive director and chief executive of Everbright Water, said in a statement that the bond scheme has helped the company "improve its financing structure, make good use of financial leverage, explore the green bonds market and achieve substantial progress in broadening its financing channels". The company will continue to look into diversified financing channels, he added.

Proceeds from the previous tranches had been used to repay debt and build green projects.