Huaneng ends 4yr hiatus with perp
China Huaneng Group, one of the country’s biggest state-owned electric utility enterprises, priced a $500m senior perpetual bond on Monday. Execution was smooth thanks to the company’s status as a central state-owned enterprise (SOE) and its market position, but time is needed for it to perform in secondary.
Initial price guidance for Huaneng’s perp non-call five year bond was set at the 3.95% area by joint global co-ordinators Bank of China and HSBC on Monday morning, local time. The senior paper comes with a 500bp coupon step-up if it is not called in year five.
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