Panzhihua Iron & Steel to issue RMB 1 bln short-term bonds

Published: 04 Jan 2009 01:06:53 PST

Jan. 4, 2009 (China Knowledge) - Panzhihua Iron & Steel (Group) Co, one of the largest steelmakers in western China, will issue RMB 1 billion short-term bonds with a maturity of 365 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 and optimize financial structure, according to the company.

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

Bank of China<601988><3988> and China Merchants Banks Co<600036><3968> 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