from：China Electricity Councildate：2019-04-20
China Three Gorges Corporation (CTG) has successfully issued 20 billion yuan green exchangeable bonds on April 11, the first and largest green exchangeable bond in China's capital markets. The price of the bond was set on April 3 and the proceeds were wired to the bank account on April 11.
The bond issuance aims to maintain and increase the value of state-owned assets by revitalizing the stock assets. The proceeds will be used to finance the construction of large hydropower projects. This is the first time that the CTG used a financial instrument with a combo of debt and stock.
The issuance was in line with the call by the top state-owned assets regulator State-owned Assets Supervision and Administration Commission to reduce corporate leverage and debt, and is also a move to develop the green finance advocated by the CPC Central Committee and the State Council.
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