China Knowledge reported that State Grid Corp of China, the nation largest power supplier plans to issue CNY 7 billion worth of 270 day unsecured bills on the interbank market on January 12.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be January 13 and the to-be-issued bills are tradable on January 16.

The issuer said proceeds from the issue will be used to repay bank loans and replenish working capital. China Lianhe Credit Rating Co Ltd has rated the issuer AAA.

China Merchants Bank and China Construction Bank have been assigned as the joint lead underwriters.

This will be the issuer second super short term bill this year.

(Sourced from China Knowledge)