China Merchants Group to issue RMB 2 bln in financing bills

Published: 25 Oct 2009 22:49:16 PST

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Oct. 26, 2009 (China Knowledge) - China Merchants Group, the parent firm of China Merchants Holdings (International) Co Ltd<0144>, announced that it will issue 365-day financing bills on the interbank market on Oct. 29, sources reported.

The company hopes to raise up to RMB 2 billion through the issuance.

The financing bills will be issued at face value, and the yield will be determined in the process of book building.

The proceeds from the issuance will be mainly used to replenish working capital.

China Cheng Xin International Credit Rating Co has rated the issuer and the bills AAA and A-1, respectively.

China Merchants Bank<600036><3968> has been assigned as the major underwriter for the sale.

China Merchants Group is a state-owned enterprise with total assets worth RMB 201.2 billion. It had RMB 1.73 trillion worth of assets as the end of 2008.