Feb. 17, 2012 (China Knowledge) - China's Ministry of Railways
has announced plans to issue RMB 15 billion worth of unsecured notes with a maturity of five years on the interbank market on Feb. 22 and Feb. 23, sources reported.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is Feb. 23, and the to-be-issued notes tradable on Feb. 24.
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 and notes AAA and AAA, respectively.
Bank of China<601988
> and Agricultural Bank of China Ltd<601288
> have been assigned as the joint lead underwriters.
The distributors includes China Development Bank, Industrial and Commercial Bank of China<601398
>, China Construction Bank<601939
>, Bank of Communications<601328
>, China Merchants Bank<600036
>, China CITIC Bank Co Ltd<601998
>, China Everbright Bank Co Ltd<601818>, China Minsheng Banking<600016
>, Industrial Bank Co Ltd<601166
>, Bank of Beijing Co Ltd<601169
> and BOC International (China) Ltd.
This will be the issuer's first medium-term note this year.