China Knowledge reported that China CNR Corp, one of China two leading train manufacturers plans to issue CNY 2 billion in super short term bills with a maturity of 270 days in the interbank market on July 26.

The train manufacturer said in a statement that the bills will be issued at the face value and the coupon rate will be determined in the process of book-building.

Both value date and payment due date is set on July 27 and the to-be-issued bills tradable July 30.

The issuer said all the proceeds will be used to repay bank loans. China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

Bank of China has been assigned as lead underwriter and bookruner. Industrial Bank Co Ltd will be joint lead underwriter for the offering.

This will be the issuer's first super short-term bill this year.

Source - China Knowledge

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