The State Grid Corporation, the largest state-owned power grid operator, is to be the first Chinese electricity firm to issue bonds in a bid to raise five billion yuan (about US$600 million) to fund the construction of projects nationwide.

The book entry bonds, consisting of three billion-yuan fixed rate bonds and two billion-yuan floating rate bonds, will be issued publicly from Dec. 31, 2003 to Jan. 14 next year.

Interest will be paid every year according to a fixed coupon of 4.61 per cent and a floating rate of 1.75 per cent higher than the one-year term deposit rate for the same period.

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