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China Merchants Securities to issue RMB 2 bln in 9 day bills

Sep. 6, 2012 (China Knowledge) - China Merchants Securities Co Ltd<600999>, a major Chinese securities firm, has said that it will issue RMB 2 billion in unsecured super short-term bills with a maturity of 90 days on the interbank market on Sep. 10.

The company said that the bills will be issued at face value, and the coupon rate determined through tender process.

Both value and payment due date will be on Sep. 11, and the to-be-issued bills,tradable on Sep. 12.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Proceeds from the deal will be used to replenish the company's working capital.

Underwriters for the offering include Industrial and Commercial Bank of China<601398><1398>, China Construction Bank Co<601939><0939> and Agricultural Bank of China Ltd or ABC<601288><1288>.

This will be the third super short-term bills issued by the company this year.

In the first half of this year, the company's net profit plunged 35.72% YoY to RMB 948.65 million and its operating revenue fell 20.89% to RMB 2.57 billion.

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