Shanxi Yanchang Petroleum Group to issue short-term bonds

Published: 02 Nov 2008 17:38:08 PST

Oct. 31, 2008 (China Knowledge) - Shanxi Yanchang Petroleum Group Co Ltd, a solely state-owned enterprise affiliated to Shanxi Provincial Government, announced Thursday it will issue RMB 2 billion short-term financing bonds with a maturity of 365 days on the interbank market on Nov. 4.

The company said in a statement that the bonds will be issued at the face value and the coupon rate will be determined during the process of book building.

The bonds will become tradable on Nov. 7. Proceeds from the issuance will be used to supplement its working capital, according to the company.

China Lianhe Credit Rating Co has rated the issuer and the bonds A- and AAA respectively.

Industrial Bank Co<601166> has been assigned as major underwriter for the sale.

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