Jun. 19, 2012 (China Knowledge) - China's state-owned COFCO Corp, a leading grain, oil and foodstuff import and export group in the country, has announced that it plans to issue RMB 5 billion worth of 270-day unsecured bills on the interbank market today, sources reported.

Coupon rate will be determined in the process of book-building and the bills be issued at face value.

Both value date and payment due date is Jun. 20 and the to-be-issued bills tradable on Jun. 21.
 
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> and Bank of Communications<601328><3328> have been hired as joint lead underwriters for the offering.

Proceeds from the deal will be used to repay bank loans.