South Cement Co to issue 270-day bills

South Cement Co has announced that it will issue CNY750m (US$120.7m) unsecured super short-term bills with a maturity of 270 days on the interbank market on 6 January.

The company, controlled by state-owned China National Building Material Co, said in a statement that the bills will be issued at the face value, and the coupon rate determined in the process of bookbuilding.

Both value date and payment due date is set on 8 January, and the to-be-issued bills tradable on 9 January. Shanghai Brilliance Credit Rating & Investors Service Co Ltd and China Credit Rating Co, Ltd have rated the issuer at AA+ and AA, respectively.

Bank of Shanghai has been mandated as lead underwriter and bookrunner. The proceeds from the issue will be used to repay bank loan.