China Knowledge reported that Zhejiang Materials Industry Group Corp, a state owned enterprise mainly engaged in domestic and international trade of productive materials will issue CNY 1 billion in unsecured bills with a maturity of 365 days on the interbank market on July 17.

The company said that the bills will be issued at face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date will be July 18 and the to-be-issued bills are tradable on July 19. China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1 respectively.

Industrial and Commercial Bank of China has been assigned as lead underwriter and book-runner for the bill offering and China CITIC Bank Corp will be joint lead underwriter.

This will be the first short-term bills issued by the company this year.

Source - China Knowledge

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