China Power’s SPIC Hydropower Issues RMB 1.00 Billion Five-Year MTN at 1.74% to Refinance Acquisition Debt

Bulletin Express08-24 18:26

China Power International Development Limited (China Power, HK: 02380) announced that its Shanghai-listed non-wholly-owned subsidiary, SPIC Hydropower Co., Ltd. (SPIC Hydropower, SH: 600292), has completed the first tranche of a registered medium-term note (MTN) programme on 21 August 2026.

The inaugural issuance, designated “2026-1st-MTN,” carries a principal value of RMB 1.00 billion, a five-year tenor and an annual coupon of 1.74%. The unsecured notes were placed in China’s interbank bond market through a book-building process led by Industrial and Commercial Bank of China.

SPIC Hydropower holds a AAA corporate credit rating with a stable outlook from China Chengxin International Credit Rating Co., Ltd., underpinning investor confidence in the issue. Proceeds are earmarked to partially repay loans incurred during the company’s prior asset restructuring, as detailed in China Power’s circular dated 20 May 2025 and supplemental announcement on 1 September 2025.

The issuance falls under SPIC Hydropower’s broader MTN registration of up to RMB 1.00 billion, approved by the National Association of Financial Market Institutional Investors and valid for two years from 31 July 2026.

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