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China CO-OP to issue RMB 1 bln unsecured bills

Sep. 3, 2012 (China Knowledge) - China CO-OP Group, a state-owned enterprise, has announced it will issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Sep 5.

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 Sep 6, and the to-be-issued bills tradable Sep 7.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Ping An Bank Co<000001> has been assigned as the lead underwriter and bookrunner for the offering.

RMB 400 million of the proceeds from the issue will be used to replenish working capital, while the rest RMB 600 million to repay bank loans, said the issuer.

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