SHANGHAI, May 14 (Reuters) - China Railway Corp has received approval from the country’s economic planner to issue 150 billion yuan ($24.19 billion) of corporate bonds in 2015, an official website said on Thursday.
The site, ChinaBond, said the railway bond quota approved by the National Development and Reform Commission (NDRC) was for the same amount as issued last year. Of the raised total, 90 billion yuan will be used in some 83 railway projects, and the other 60 billion yuan to buy railway-related equipment, it said.
China Railway planned to issue an initial tranche of 20 billion yuan on Friday, including 15 billion yuan with a tenor of 10 years and 5 billion yuan with a 20-year tenor.
China Railway Corp was created after the Ministry of Railways was dissolved in March 2013 following a series of corruption scandals. The regulatory functions of the ministry were merged into the Ministry of Transport, and China Railway Corp was entrusted with building and operating the rail system. ($1 = 6.2005 Chinese yuan) (Reporting by the Shanghai Newsroom)