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Ministry of Railways to auction RMB 20 bln in bonds

Sep. 10, 2012 (China Knowledge) - China's Ministry of Railways today has announced plans to auction RMB 20 billion worth of fixed-rate bonds on the interbank market tomorrow.

The ministry said that it will issue RMB 10 billion in seven-year bonds, whose coupon rate will be Shibor plus basic spread that will be set between -0.74% and 0.26%.

Meanwhile, the MOR will float RMB 10 billion in 20-year bonds, whose coupon rate will be Shibor plus basic spread that will be set between -0.13% and 0.87%.

The bonds have been rated AAA.

Proceeds from the deal will be used to fund the construction of 32 projects.

The ministry has issued four tranches of bonds worth a total of RMB 85 billion since the beginning of this year.







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