Mar. 7, 2012 (China Knowledge) - China National Chemical Engineering Group Corp, or ChemChina, the parent of Shanghai-listed
China National Chemical Engineering Co Ltd<601117
>, has said it will issue RMB 2.5 billion worth of 365-day unsecured bills on the interbank market on Mar. 13.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Mar. 15, and the to-be-issued bills tradable Mar. 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 and bills AAA and A-1, respectively.
Export-Import Bank of China, one of the three government policy banks in China, has been assigned as the lead underwriter. China Construction Bank<601939
> will be the joint lead underwriter.
This will be the issuer's first short-term bill this year.
As of to date, the issuer had RMB 16.3 billion in bonds, sources reported.