Railway ministry applies to issue 150bn yuan bonds: China

BEIJING: China's Ministry of Railways has applied to issue 150 billion yuan ($24 billion) in corporate bonds, with the first batch possibly being sold in the first quarter, three sources with direct knowledge of the matter told Reuters on Monday.

"The ministry hopes to launch the first batch as early as in the first quarter, although eventual issance will depend on approval procedures and market conditions," one source said.

Another source said the application was submitted in early February.

China's rapidly expanding railway industry has caused huge demand for fund-raising. The ministry issued 100 billion yuan in corporate bonds last year.

Copyright Reuters, 2012