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Sinotruk to issue RMB 500 mln dim sum bonds

Jul. 27, 2012 (China Knowledge) – Sinotruk (Hong Kong) Ltd<3808>, the Hong Kong-listed arm of China's largest heavy truck manufacturer China National Heavy Duty Truck Group Co, intends to issue at least RMB 500 million worth of offshore RMB-denominated bonds or dim sum bonds with a maturity of two years, sources reported.

According to the source, the coupon rate of the bond will be between 4.5% and 4.99%. Proceeds from the issuer will be used to repay bank loans and replenish working capital.

Bank of China (BOC)<601988><3988>, the largest foreign exchange lender in China, ICBC Asia, Morgan Stanley and Royal Bank of Scotland Plc will handle the deal.

Earlier this month, the Chinese heavy truck manufacturer announced that its net profit for the first half of 2012 will reflect a huge decline, mainly due to weaker demand in China, China Knowledge reported earlier.

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