State Grid Corporation of China, the nation's largest power supplier, has announced it will issue RMB 10 billion in short-term bills with a maturity of 365 days in the interbank market on Apr 17.
The company said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.
Both value and payment due date is set on Apr 18, and the to-be-issued bills tradable Apr 19.
All the proceeds from the issue will be used to replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Agricultural Bank of China Ltd<601288><1288> has been hired as lead underwriter and bookrunner. China Guangfa Bank will be the joint lead underwriter for the offering.
This will be the issuer's the first short-term bills this year.
