China Tower Issues ABN, Raised CNY 5 Billion

China Tower issued first ABN (Asset-Backed Medium-term Notes) recently, relying on the receivables of China's 3 major operators.

China Merchants Bank is the lead underwriter of the ABN. The Tower Company raised CNY 5 Billion by selling 1-year ABN that pays 2.86 percent a year, which shows the capital market's positive view of China Tower.

It is the first central enterprise asset-backed medium-term notes in China.