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CRCC to issue RMB 1 bln bills

Oct. 23, 2012 (China Knowledge) - China Railway Construction Corp Ltd or CRCC<601186><1186>, a leading state-owned construction company in the country, has announced it plans to issue RMB 1 billion in super short-term bills with a maturity of 180 days in the interbank market on Oct 18.

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 Oct 19, and the to-be-issued bills tradable Oct 22.

All the proceeds from the issue will be used to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

Industrial and Commercial Bank of China <601398><1398>,has been hired as lead underwriter and bookrunner. Bank of China<601988><3988> will be the joint lead underwriter for the offering.

This will be the issuer's first super short-term bills this year.

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