Shanxi Taigang Stainless Steel Co the largest stainless steel mill in China announced that it plans to issue CNY 2 billion worth of short term bills with a maturity of 365 days on the interbank market on November 18.

The firm in a statement said that the bills will be issued at face value and that the yield will be determined in the process of book building. The payment due date will be on Nov. 19, and proceed from the issuance will be used to acquire raw materials and pay back bank loans, according to the company.

Dagong Global Credit Rating Co has rated the bills and the issuer A-1 and AAA, respectively. Industrial and Commercial Bank of China has been assigned as the main underwriter for the sale.

(Sourced from China Knowledge)