Huawei plans first onshore bonds

Huawei Technologies plans to issue two tranches of bonds worth 3 billion yuan ($422 million) each, the first time it is tapping the onshore yuan bond market, the Chinese technology giant said in regulatory filings on Wednesday.
No issuance dates have been set for the three-year medium-term notes for the Chinese interbank market, according to the prospectus, which shows Huawei has applied for approval to raise as much as 20 billion yuan.
The funds will be used to replenish working capital and invest in core businesses such as information and communications technology (ICT) infrastructure, Huawei said.