The newly formed China Railway Corporation will make its capital market debut with the sale of Rmb20bn ($3.25bn) in bonds this week, raising funds that are needed to get the country’s ambitious railway plans back in gear.
The bonds are the first batch of the Rmb150bn in notes that China Railway is expected to issue this year as it forges ahead with a blueprint to lay about 30,000km of new tracks over the next decade.
The issuance of Chinese rail bonds is a frequent and normally unremarkable event, but this is different since it is the first bond sale by China Railway since its establishment earlier this year. The auction of the five-year bonds is scheduled to begin on May 23.
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