November 22, 2008

Panzhihua New Steel to sell CNY 800 million of Short term debt

It is reported that Panzhihua New Steel & Vanadium Co plans to sell CNY 800 million of short term debt to institutional investors.

Panzhihua New Steel & Vanadium Co said in a statement to the Shenzhen stock exchange, without giving a reason for the sale or an interest rate that the bonds with a maturity of as long as one year, will be sold through China's inter bank market.

China in 2005 allowed companies to sell short term bills to boost working capital and reduce reliance on bank borrowings.