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Railway bond
Source: Bloomberg News |
August 9, 2011, Tuesday
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Print Edition
Print Edition
CHINA'S Ministry of Railways sold 20 billion yuan (US$3.1 billion) of 90-day commercial paper at 5.55 percent, according to two people familiar with the transaction, its highest coupon for bonds of any maturity since late 2007.
The yield at yesterday's auction, the ministry's first sale of 90-day notes, was 247 basis points higher than similar-maturity government debt, according to data compiled by Bloomberg News.
The Beijing-based railroad failed to sell all of its bonds in its last sale on July 21, two days before a fatal high-speed train crash in east China.
Premier Wen Jiabao has pledged more focus on safety and greater accountability following the crash.
The ministry paid 5.18 percent on one-year commercial paper on July 21, when it sold 18.7 billion yuan of the 20 billion yuan on offer.
It sold 26 billion yuan of 10-year, 5.6 percent bonds in November 2007.
The yield at yesterday's auction, the ministry's first sale of 90-day notes, was 247 basis points higher than similar-maturity government debt, according to data compiled by Bloomberg News.
The Beijing-based railroad failed to sell all of its bonds in its last sale on July 21, two days before a fatal high-speed train crash in east China.
Premier Wen Jiabao has pledged more focus on safety and greater accountability following the crash.
The ministry paid 5.18 percent on one-year commercial paper on July 21, when it sold 18.7 billion yuan of the 20 billion yuan on offer.
It sold 26 billion yuan of 10-year, 5.6 percent bonds in November 2007.
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