China Merchants Group, the parent firm of China Merchants Holdings Co Ltd announced that it will issue 365 day financing bills on the interbank market on October 29th.

The company hopes to raise up to CNY 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 has been assigned as the major underwriter for the sale.