The National Development and Reform Commission (NDRC), China’s top economic planner, agreed that railway operator China Railway Corp can issue 300 billion yuan (EUR 40.2 billion) worth of bonds for railway construction and debt restructuring.
200 billion yuan (EUR 26.8 billion) will go for railway projects and equipment purchases. The remainder is for debt restructuring.
There will be 28 underwriters, including the major banks in China, such as the Bank of China and China Construction Bank. A joint venture of Morgan Stanley, along with some securities brokerage companies, will also be involved in the issue.
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