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China Grand Auto to issue RMB 1 bln in bills

Feb. 8, 2012 (China Knowledge) - China Grand Automotive Services Co Ltd, the largest passenger car dealer in China, said today that it will issue RMB 1 billion worth of short-term bills with a maturity of 366 days on February 13.

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

Both value date and payment due date is February 14, and the to-be-issued bills are tradable on February 15.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA and A-1, respectively.

China Merchants Bank<600036><3968> has been hired as lead underwriter for the deal, and Industrial and Commercial Bank of China<601398><1398> will be joint lead underwriter.

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