CTG’s China Yangtze Power raises 2.5 billion yuan through commercial paper

China Yangtze Power Co., Ltd., a listed arm of China Three Gorges Corporation (CTG), issued the first portion of its one-year commercial paper for 2020 on May 18, raising 2.5 billion yuan (352 million dollars) with a coupon rate of 1.75 percent, a historically low financing cost for the company.

China Yangtze Power is the largest listed power company in China and the world’s largest listed hydropower operator. The company boasts high-quality assets, a strong cash flow, excellent management and outstanding credibility.

Amid a recent short-term shock in the bond market, the commercial paper was oversubscribed 3.37 times, showing overwhelming demand from investors. The coupon rate marked a new low among bonds from comparable issuers of the past few years, a reflection of investors’ faith in the credibility of the company.