Sep. 14, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, has announced it will issue RMB 5 billion in short-term bills with a maturity of 365 days in the interbank market on Sep 19.
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 20, and the to-be-issued bills tradable Sep 21.
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
> has been hired as lead underwriter and bookrunner. Industrial Bank Co Ltd<601166
> will be joint lead underwriter for the offering.
This will be the issuer's the third short-term bills this year.