Beijing Energy Investment to issue debut dollar bond with SBLC attached

China flag resized
By Carrie Hong
12 Feb 2014

Beijing Energy Investment Holding (BEIH) is set to tap the international bond market for the first time, with an unrated US dollar issue that will have a standby letter of credit provided by Agricultural Bank of China (ABC), according to a source on the deal, writes Carrie Hong.

The deal will be issued by Jingneng Investment Group, BEIH’s offshore subsidiary, with a size of no more than US$500m and a tenor of three or five years. Although the issuer is unrated, the SBLC ensures that the credit will be considered in line with ABC’s own rating ...

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