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China Huaneng Group Monday confirmed plans to issue 10-year bonds to raise 4.0 billion yuan.

The company, the parent of Huaneng Power International Inc. (HNP), which has share listings in Hong Kong and New York, plans to sell 3 billion yuan in 4.6% bonds with a fixed coupon, plus 1 billion yuan in floating rate bonds. The coupon on the floating rate bonds is 1.80 percentage points above China's one-year bank deposit rate, now 1.98%.

Bank of China is guarantor of the bond offering, which is being managed Great Wall Securities Co.

The offering, from Tuesday through Dec. 22, comes as another electricity provider, China Power Investment Group Corp., gets set to launch its own 3 billion yuan offering of corporate bonds. China power is selling 15-year bonds with a coupon of 5.02% between Monday and Dec. 16.

Each company said it will use proceeds to expand capacity. Huaneng says it build hydro-powered electric stations in the provinces of southwestern Yunnan and Sichuan, as well as projects in the central provinces of Henan and Shanxi.

China's corporate bond market is highly regulated and the power company bonds were approved around September, following a summer of heavy electricity usage that prompted some local governments to require factories to temporarily limit their output. With the electricity shortages continuing this winter, Shanghai and some other cities have reinstated the mandated usage cuts.

China International Trust and Investment Corp. (CI.YY), is also expected to issue 10 billion yuan in fixed- and floating-rate bonds as soon as this week to the country's interbank market, according to a person at the diversified Beijing-based group who asked not to be named.

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