Lianyungang port issues RMB1bn short-term bonds

Shanghai: Lianyungang port has announced yesterday that it will issue RMB1bn worth of short-term bonds with a maturity of one year from November 20. It will be the first short-term bond issued by the port this year.

According to the statement, the bond will be issued at the face value and the coupon rate will be determined in the process of book-building. Both value date and payment due date is set on November 20 and the to-be-issued notes tradable November 21.

ICBC will be the main underwriter of the bond and China Chengxin Credit Rating Co Ltd has rated the issuer and the bills AA+ and A-1 respectively.

The port said 20% of the raised fund will be used to replenish operating funds of its subsidiaries, Lianyungang Port Engineering and Lianyungang Port Logistics will get RMB160m and RMB40m respectively. [14/11/12]

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