China Knowledge reported that Huadian Coal Industry Group Co Ltd a subsidiary of China Huadian Corp will issue CNY 7 million worth of short term bills with a maturity of 365 days on the interbank market.

The firm said in a statement that the bills will be issued at face value and that the yield will be determined in the process of book building.

Guangdong Development Bank has been assigned as joint major underwriters for the issuance.

China Cheng Xin International Credit Rating Co Ltd has rated the issuer and bills AA and A-1 respectively.

The proceeds from the bill issue will be used to replenish working capital.

(Sourced from China Knowledge)