CLP's China unit issues inaugural 1 billion yuan panda bond

CLP’s (0002) China unit has issued its inaugural 1 billion yuan (HK$1.14 billion) fixed-rate bond in the China interbank market, strengthening its access to cost-effective financing for renewable energy projects.

CLP Power China’s bond with a three-year tenure was priced at 1.85 percent, at the lower end of the pricing range, after it was 3.35 times oversubscribed, the company said in a statement on Thursday. 

The bond has been rated AAA by CSCI Pengyuan, a Chinese domestic rating agency.

The strong demand for the bond shows investors’ confidence in the company’s financial strength and sustainable growth strategy, supporting the mainland’s “dual carbon” goals and clean-energy needs, said Roger Chen, CLP’s China managing director.