Air Liquide has become the first French company to issue Chinese Renminbi denominated bonds.
The bonds amount to RMB 1,750m which is equivalent to €195m. The bonds are fully guaranteed by L’Air Liquide SA and have been rated ‘A’ by Standard & Poor’s. The denominations have been placed with investors, mainly in Asia.
Air Liquide has obtained approval from the People’s Bank of China, to repatriate the funds into mainland China. In a press statement issued just today the French company confirmed, “The bond proceeds will contribute to the financing of the development of Air Liquide’s activities in China, by diversifying the Group’s funding sources at attractive market conditions."
Today, Air Liquide employs 3,500 people in China and operates more than 40 plants in various industrial areas.
The firm continued, “The success of this bond issue demonstrates the high level of investor confidence in Air Liquide’s solid financial position. At a time when the Group has a strong portfolio of investment opportunities, especially in Asia, this transaction enables the company to continue to grow over the long term.”