Apr. 13, 2012 (China Knowledge) – Zhejiang Commercial Group Co Ltd, controlled by state-owned Assets Supervision and Administration Commission of the People's Government of Zhejiang Province, said it plans to issue RMB 1 billion worth of 365-day unsecured bills on the interbank market on April 20, according to statement released by Shanghai Clearing House.

The company said the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.

Both value date and payment due date is set on April 20, and the to-be-issued bills tradable on April 23.

Proceeds from the issue will be used to replenish working capital and repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA- and A-1, respectively.

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and bookrunner.

This is the issuer's first short-term bill this year.