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State Grid to issue RMB 7 bln super short-term bills

Jan. 12, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, today announced plans to issue RMB 7 billion worth of 270-day unsecured bills on the interbank market on January 12, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be January 13, and the to-be-issued bills are tradable on January 16.

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

China Lianhe Credit Rating Co Ltd has rated the issuer AAA.

China Merchants Bank<600036><3968> and China Construction Bank<601939><0939> have been assigned as the joint lead underwriters.

This will be the issuer's second super short-term bill this year.

As of to date, the issuer, along its subsidiaries, has RMB 114.5 billion in medium-term notes, RMB 20.5 billion in short-term bills, RMB 10 billion in super short-term bills, RMB 158.57 billion in corporate bonds and RMB 8 billion in other bonds.

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