Home > Community > China Biz > YTO Group Corp to issue RMB 600 mln short-term bonds

YTO Group Corp to issue RMB 600 mln short-term bonds

Published: 30 Dec 2008 01:56:36 PST

Dec. 30, 2008 (China Knowledge) - YTO Group Corp, China's largest tractor and agricultural machinery manufacturer, announced on Tuesday it will issue RMB 600 million short-term bonds with a maturity of 270 days on the interbank market on Jan. 7, market sources reported.

The company said in a statement that this batch of bonds will be issued at the face value and the yield will be determined in the process of book building.

Both value date and payment due date will start from Jan. 8, and the proceeds from the issuance will be used to replenish working capital, optimize financial structure, reduce financing costs, and enhance profitability, according to the company.

China Dagong Credit Rating Co Ltd has rated the issuer and the bonds AA- and A-1 respectively.

China CITIC Bank Co<601998><998> and CITIC Securities Co<600030> have been assigned as major underwriters for the issuance.

Copyright © 2008 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today:

To access our page on Bloomberg, type CKFI