The world’s largest public utility in terms of revenue, State Grid Corporation of China, printed the world’s largest US dollar bond deal last week, reports The Asset. The US$5 billion offering will help fund its planned expansion.
The bonds were issued through State Grid Overseas Investment, and proceeds will be used for capital expenditure and overseas investments.
According to Moody’s senior analyst Ivy Poon, the rating agency expects State Grid’s leverage to increase this year, but the financial impact should be manageable.