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Ministry of Railways to auction RMB 15 bln MTN

Mar. 7, 2012 (China Knowledge) - China's Ministry of Railways has announced plans to auction RMB 15 billion worth of notes with a maturity of five years on the interbank market on Mar. 7, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Mar. 8, and the to-be-issued notes tradable on Mar. 9.

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.

Agricultural Bank of China Ltd<601288><1288> and Bank of China<601988><3988> have been assigned as the joint lead underwriters.

The distributors will include China Development Bank, China Merchants Bank<600036><3968>, China Construction Bank<601939><0939>, Bank of Communications<601328><3328>, Industrial and Commercial Bank of China<601398><1398> and Industrial Bank Co Ltd<601166>.

This will be the issuer's second medium-term note this year.

As of to date, the issuer, along with its subsidies, has RMB 648 billion in bonds, of which RMB 472 billion was raised for railway construction.

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