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State Grid Corp to issue RMB 5-bln 90-day bills

Feb. 8, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, has announced plans to issue RMB 5 billion worth of 90-day unsecured bills on the interbank market on February 9, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be February 10, and the to-be-issued bills tradable are on February 13.

Proceeds from the issuance 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.

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

This will be the issuer's third super short-term bills this year.

As of to date, the issuer has RMB 114.5 billion in medium-term notes, RMB 20.5 billion in short-term bills, RMB 20 billion in super short-term bills, RMB 158.57 billion in corporate bonds and RMB 8 billion in other bonds.

At the end of last September, State Grid had RMB 816.87 billion in net asset.

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