China Tianrui Group Cement Co to issue CNY500m unsecured short term bills

China Tianrui Group Cement Co, a leading clinker and cement producer in Henan and Liaoning provinces, has announced that it will issue CNY500m (US$80.7m) unsecured short-term bills with a maturity of 366 days on the interbank market on May 26.

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 27 May, and the to-be-issued bills tradable on 28 May. The proceeds from the issue will be used to repay bank loans. Dagong Global Credit Rating Co., Ltd has rated the issuer and bills at AA and A-1, respectively.