IL&FS Transportation looking to sell Yuan bonds

IL&FS Transportation Networks Ltd (ITNL), through its Singapore-based subsidiary, is looking to raise money by issuing Yuan-denominated bonds, the company said.

The proposed bond issue will be listed on the Hong Kong Stock Exchange, the company said in a filing to the BSE, although did not specify its launch date and size.

"ITNL Offshore Pte Ltd, a wholly owned subsidiary of the company in Singapore, has mandated Deutsche Bank AG, Royal Bank of Scotland PLC and UBS AG to act as joint lead managers for a Reg S CNH bond offering which is expected to be rated BBB- from Fitch Ratings Ltd," ITNL said.

It added, "Bonds are proposed to be listed on the Hong Kong Stock Exchange and the issue is expected to be launched in the near future subject to market conditions."

Company officials could not be reached for comments on the matter.

CNH is the abbreviation, used in financial markets for Chinese Yuan deliverable in Hong Kong and the CNH bonds are also known as Dim Sum bonds.

ITNL shares were trading at Rs 194.15 apiece on the BSE in the late afternoon trade, up 1.54 per cent from the previous close.