China Railway Ministry Plans $3.13B Bond Sale

China’s Ministry of Railways is looking to raise $3.13 billion through a two-part sale of bonds.

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.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

Bloomberg China Reform Commission China Railway Ministry Citic Securities Co