CNBM to issue CNY1.5bn 365-day bills

 China National Building Material Co Ltd (CNBM) has announced that it will issue CNY1.50bn(US$232m) unsecured super-short-term bills with a maturity of 365 days on the interbank market on 11 April.

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 12 April, and the to-be-issued bills tradable on 13 April.

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 unfavourable external economic factors will have little negative impact. The possibility of default is considered lowest.

China Construction Bank Co Ltd has been mandated as lead underwriter and bookrunner.
Industrial Bank Co Ltd(601166) will be the joint lead underwriter. This will be the issuer's second super-short-term bills this year.