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State Grid to issue RMB 20 bln MTN

Nov. 19, 2012 (China Knowledge) - State Grid Corporation of China, the nation's largest power supplier, has announced it will issue RMB 20 billion in medium-term notes with a maturity of five years in the interbank market on Nov 26.

The company said in a statement that the notes 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 Nov 27, and the to-be-issued notes tradable Nov 28.

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 notes AAA and AAA, respectively.

China Construction Bank Corp<601939><0939> has been hired as lead underwriter and bookrunner. Industrial and Commercial Bank of China<601398><1398> will be the joint lead underwriter for the offering.

This will be the issuer's the fourth medium-term notes this year.

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