China’s Ministry of Railways is looking to raise $3.13 billion through a two-part sale of bonds, The Wall Street Journal reports. The first tranche of $1.566 billion bonds will mature in seven years and the second tranche of $1.566 billion bonds in 20 years.
The lead underwriter for the offering is Chinese full-service investment bank Citic Securities Co. The railway ministry has proposed sale of bonds worth $15.668 billion in 2011 to fund the construction of China’s railway network. The National Development and Reform Commission will oversee the bond issue.
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