Xining Special Steel Co Ltd a major iron and steel producer located in Qinghai Province announced that it will issue CNY 500 million in 365 day short term bills on the interbank market on November 9th 2010.

The company in a statement said that this batch of bills will be issued at face value and that the coupon rate will be determined during the process of book building. The proceeds from the issuance will be used to optimize debt structure and replenish working capital, according to the company.

China Lianhe Credit Rating Co Ltd has rated the bills and the issuer A-1 and AA-, respectively. China Minsheng Banking Corp has been assigned as the main underwriter for the sale.

(Sourced from China Knowledge)