China Power Unit Issues RMB 1 Billion Short-Term Note

China Power International Development's non-wholly owned subsidiary, SDIC Hydropower Investment, issued its first short-term financing note of the year on Friday, raising RMB 1 billion, according to ETNet. The one-year note carries a coupon of 1.45% a year and is unsecured. China Chengxin International Credit Rating assigned SDIC Hydropower Investment an issuer rating of AAA with a stable outlook. China Merchants Bank acted as lead underwriter, and the note was sold through bookbuilding in the interbank bond market in China. Half of the proceeds will be used to replace SDIC Hydropower Investment's capital contribution in an asset restructuring, while the rest will go toward repaying interest-bearing debt and replenishing working capital.