UPS sells first ever corporate ECP in renminbi
United Parcel Service, the US logistics group, has become the first company to issue Euro-commercial paper in renminbi. The Rmb1.26bn ($199m) of paper was placed in London, as UPS looked to the City’s nascent offshore renminbi market to help diversify its sources of funding for potential business in China.
The delivery company has short term ratings of A-1+/P1 and long term ratings of Aa3/AA-. All the ratings, except the Moodys short term rating, have been under review for downgrade since UPS announced in February plans to buy Dutch rival TNT Express.
The company sold two renminbi clips, its
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