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State Grid to issue RMB 15 bln in 180-day bills

Mar. 27, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, announced today that it plans to issue RMB 15 billion worth of 180-day unsecured bills on the interbank market on Mar. 28, the sources reported.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on Mar. 29, and  the to-be-issued bills is tradable on Mar. 30.
China Lianhe Credit Rating Co Ltd has rated the issuer AAA.

Agricultural Bank of China Ltd or ABC<601288><1288> and Bank of China Ltd<601988><3988> have been hired as joint lead underwriters for the offering.

Proceeds from the deal will be used to replenish the firm's working capital.

The bills will be the fifth super short-term bills issued by State Grid this year.

As of to date, the company has RMB 114.5 billion in medium-term notes, RMB 20.5 billion in short-term bills, RMB 35 billion in super short-term bills, RMB 158.57 billion in corporate bonds and RMB 8 billion financial bonds.

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