China Huaneng Group issues RMB 1.6 bln short-term bonds

Nov. 26, 2008 (China Knowledge) - China Huaneng Group, parent of Huaneng Power International Co. Ltd<600011><902><HNP>, Wednesday announced it issues RMB 1.6 billion financing bonds with a maturity of 365 days on the interbank market on Nov. 17.

The yield of the notes was set at 3.60%, and proceeds from the issuance will be used to supplement working capital, repay bank loans and optimize its financial structure, according to the company's statement posted on the official Chinabond.com website.

Industrial and Commercial Bank of China (ICBC)<601398><1398> was the major underwriter for the sale.