China Shipbuilding Group, the shipbuilding conglomerate merged by CSSC and CSIC, has issued RMB5bn ($716m) worth of short-term bonds with a maturity of 270 days.
The proceeds will be offered to the group’s affiliate units for coronavirus prevention and control and production resumption.
The so-called ‘epidemic bond’ issued by China Shipbuilding Group is the single largest of its kind so far.
Since February, several Chinese financial authorities including People’s Bank of China, China Insurance Regulatory Commission, and China Securities Regulatory Commission and China Banking Regulatory Commission have all express their willingness to support the companies and regions suffering from the outbreak of coronavirus through various financial measures including the promotion of epidemic bonds to bankroll expenditure related to the coronavirus outbreak and cover emergency financing needs. So far there are over 40 companies that have issued the “epidemic bonds”.
Last month, China Merchants Port Holdings, the largest port operator in China, also issued RMB700m ($99.5m) worth of epidemic bonds.