On November 29, State Power Investment Corporation (SPIC) successfully finalized the pricing of its first issued dual-tranche senior unsecured U.S.-dollar dominated bonds for USD 1.2 Billion, making itself become the first integrated power generating SOE with high-class international rating and public offering of bonds overseas.

　　The offering was highly attractive to and welcomed by investors. The issued bonds consist of bonds for USD 900 million maturing in five years and having a 3.000% coupon, with a decrease of 30 basis points compared with the initial price, and bonds for USD 300 million maturing in ten years and having a 3.875% coupon, with a decrease of 32.5 basis points compared with the initial price. The offering was supported by international investors from 187 countries, raising USD 4.8 billion recorded on ordering book, equivalent to a fourfold subscription ratio.

　　The issued U.S.-dollar dominated bonds are not subject to payment of premium attributable to new issue, and the final price is lower than the bond trading level of comparable enterprises at the secondary market. The offering is a deal having the biggest size under Regulation S in the Asian power utilities industry, and its bonds are expected to be rated with A2 / A (Moody’s / Fitch).

　　Between November 24 and 28, SPIC carried on road shows in Hong Kong, Singapore and London, and met with more than 100 international institutional investors.

　　As a central state-owned enterprise of State-owned Assets Supervision and Administration Commission of the State Council, SPIC was founded in June 2015 and derived from restructuring of the former China Power Investment Corporation and State Nuclear Power Technology Corporation, which is one of the five major power generation groups and one of the three major nuclear power development and construction operators in China, as well as the only energy company having assets covering nuclear power, thermal power, hydropower and new energy, and the only integrated energy service provider combining power research and development, planning, design, consulting, investment, construction and operation. SPIC boasts the world leading AP/CAP third generation nuclear power technology, and serves as a responsible party for major scientific and technological special project CAP1400 of large-scale advanced pressurized water reactor nuclear power plants and major special projects of heavy-duty gas turbine technology.

　　SPIC boasts clean energy having ratio far ahead of its domestic counterparts, total installed capacity of photovoltaic power generation ranking number one worldwide, wind power ranking the leading position in the domestic industry, and proportion of hydropower efficient units and hydropower centralized control operations ranking the leading position in China. SPIC takes the 342nd spot on the Fortune Global 500 list in 2016.