CLP Power, Hong Kong’s biggest electricity provider, said it has launched a three-year A$500 million (US$339 million) Kangaroo bond, marking the first such foray by a Hong Kong commercial entity into the Australian market.
Two tranches of the bond are being offered through a wholly-owned subsidiary, CLP Power Hong Kong Financing: a A$350 million floating-rate note and a A$150 million fixed-rate note, according to a press release issued by CLP on Monday.
The Kangaroo bond is unconditionally guaranteed by CLP Power, which holds an A1 (stable) rating from Moody’s and an A+ (stable) rating from S&P. Kangaroo bonds are Australian dollar-denominated bonds issued by foreign entities in Australia.
“This successful issuance in the Australian market enables us to further diversify our sources of funding in a cost-effective way, and we are encouraged by the favourable market response,” said Alexandre Keisser, chief financial officer of…
