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State Grid Corp of China to issue RMB 10 bln unsecured bills

Aug. 21, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, has said it will issue RMB 10 billion in unsecured bills with a maturity of 365 days in the interbank market on Aug. 28.

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

Both value and payment due date is set on Aug 29, and the to-be-issued bills tradable Aug 30.
All the proceeds from the issue will be used to replenish working capital, said the issuer.

China Lianhe 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 the lead underwriter and bookrunner. Industrial Bank Co Ltd<601166> will be the joint lead underwriter for the offering.

This will be the issuer's second short-term bills this year.

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