China Knowledge reported that State Grid Corp of China, the nation largest power supplier will issue CNY 10 billion worth of short term bills with a maturity of 366 days on November 9.

The company said in a statement that the bills will be issued at face value and the coupon rate be determined during the process of book building. Both value date and payment due date is November 10 and the to be issued bills tradable on November 11.

Proceeds from the deal will be used to replenish the firm working capital and repay bank loans.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1 respectively. Industrial and Commercial Bank of China and China Merchants Bank have been hired as joint lead underwriters for the offering.

(Sourced from China Knowledge)