Shandong Shanshui Cement to issue CNY900m 366-day bills

Shandong Shanshui Cement Group Ltd, the subsidiary of China Shanshui Cement Group Ltd, has announced that it will issue CNY900m 9US$145.1m) unsecured short term bills with a maturity of 366 days on the interbank market on 20 May.

The corporation 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 21 May and the to-be-issued bills tradable on 22 May.

The proceeds from the issue will be used to repay bank loans. China Lianhe Credit Rating Co., Ltd has rated the issuer and bills at AA+ and A-1, respectively. The rating agency's view of issuer repayment's ability is strong, and potential unfavorable external economic factors will have little negative impact. The possibility of default is considered lowest. Industrial Bank Co, Ltd has been mandated as lead underwriter and bookrunner.