China Everbright Water proposes 1.2b yuan first tranche notes issue

MAINBOARD-LISTED China Everbright Water plans to issue a first tranche of 1.2 billion yuan (S$236.5 million) notes in China on or around June 8, it said in a bourse filing on Wednesday. This will be part of a proposed three billion yuan issuance and the notes will have a maturity period of five years.

The company said in January - when it first proposed the issuance of the medium-term notes - that the fixed coupon rate would be determined by the company and underwriters pursuant to a centralised book-building process.

Its registration of the notes was accepted by the Chinese interbank market regulator in April.

China Everbright Water said the notes have been given an AAA rating by the Shanghai Brilliance Credit Rating & Investors Service.

It is looking to issue the notes to institutional investors in the interbank bond market in China.

The counter finished Tuesday at 22 Singapore cents, up 1.5 cents or 7.3 per cent.