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Tesco raises funds in China through bond issue
Tesco has announced that it is the first international retailer to raise funds in China through the issue of a so-called 'dim sum' bond.
The retailer has launched an offshore Chinese Renminbi denominated bond issue in Hong Kong through which it has raised CNY725m (around £70 million) of funding.
The proceeds from the issue will be used to support the growth of Tesco's retail operations in China. Tesco said the move reflects its confidence in the Chinese market and strong commitment to growing a prosperous local business.
Tesco chief financial officer, Laurie McIlwee said: "China is an important market for us and represents a great growth opportunity. This is a new and innovative way of funding our business as it continues to grow and demonstrates our commitment to China."
Tagged as: tesco | dim sum bond
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