Huawei plans first onshore bonds totalling 6 billion yuan

Huawei Technologies parent plans to issue two tranches of bonds worth 3 billion yuan ($422 million) each, the first time it is tapping the onshore yuan bond market, the Chinese technology giant said in regulatory filings on Wednesday.

No issuance dates have been set for the three-year medium-term notes for the Chinese interbank market, according to the prospectus, which shows Huawei Investment Holdings has applied for approval to raise as much as 20 billion yuan.

“The bond market in China is developing rapidly…With this bond issuance, Huawei plans to tap into the Chinese bond market, diversify its financing channels and improve its overall financing plan,” a Huawei spokesman said.