Updated: BECE to debut perpetual Panda

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By Noah Sin
23 May 2018

Hong Kong-listed Beijing Enterprises Clean Energy Group (BECE) has filed for a Rmb2.8bn ($439m) issuance programme in China, paving the way for the red chip’s debut in the Panda market. Should the application go through, the issuer will sell the first perpetual bond in the asset class.

BECE is planning to debut with a Rmb2bn note, according to a draft prospectus filed with the Shenzhen Stock Exchange, where the bond will be listed. The notes issued under this programme will be what Chinese issuers call “renewable corporate bonds” — simply perpetual bonds with embedded ...

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