Asia Tech Wire (Aug 12) -- Chinese telecom giant Huawei announced on Monday that it has completed the issuance of the fourth tranche of ultra-short-term financing notes for the year 2024.

The bonds, referred to as "24 Huawei SCP 004", were issued in the amount of 4 billion yuan ($557 million) at an interest rate of 1.60% and a maturity of 130 days.

The ultra-short-term financing notes have an interest start date of August 9, 2024 and a redemption date of December 17, 2024.

The lead underwriter/bookrunner of the bonds is Pudong Development Bank, and the co-lead underwriters are Agricultural Bank of China (ABC) and Industrial Bank.

According to the offering documents, in order to support the development of various businesses and the implementation of key strategies, Huawei intends to issue 4 billion yuan of ultra-short-term financing notes, which will be used to supplement operating funds of the company's headquarters and subsidiaries.