Aug. 21, 2012 (China Knowledge) - Overseas Chinese Town Enterprises Co, under the State-owned Assets Supervision and Administration Commission of the State Council
, has said it will issue RMB 3 billion in unsecured super short-term bills with a maturity of 120 days in the interbank market on Aug 22.
The company said in a statement 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 23, and the to-be-issued bills are tradable Aug 24.
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 AAA.
China Construction Bank Co<601939
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's first super short-term bills this year.