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China Railway Construction to issue RMB 10 bln in bills

Jul. 16, 2012 (China Knowledge) - China Railway Construction Corp Ltd or CRCC<601186><1186>, a leading state-owned construction company in the country, said it will issue RMB 10 billion in unsecured bills with a maturity of 365 days in the interbank market on Jul. 18.

The company said that the bills will be issued at the face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date is set Jul. 19, and the to-be-issued bills are tradable Jul. 20.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Industrial and Commercial Bank of China<601398><1398> has been assigned as book-runner and lead underwriter for the offering, and Bank of China Ltd<601988><3988> will be joint lead underwriter.
This will be the first short-term bills issued by the company this year.

In the first quarter of this year, the company's net profit was RMB 1.21 billion, down 28.91% YoY, and its operating revenue was RMB 66.34 billion, down 24.06% YoY.

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