Mar 03, 2018 07:23 PM

First 'Belt and Road' Asset-Backed Security Gets Go-Ahead

China's first "Belt and Road" asset-backed security (ABS) has won approval from the Shanghai Stock Exchange in a sign of support for China's ambitious international investment and trade initiative.

The approval broadens the types of bonds that can be used to finance Belt and Road projects.

The issuer of the 5.5 billion yuan ($867.1 million) security, pulp and paper producer Sinar Mas Paper (China) Investment Co. Ltd., hired Sinolink Securities Co. Ltd. to underwrite the bond, according to an announcement released on Friday by the brokerage firm.

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