Tangshan Jidong to issue short-term bills, China

Tangshan Jidong Cement Co Ltd has announced that it plans to issue CNY1bn in unsecured short-term bills with a maturity of 365 days on the interbank market on 14 March.

The coupon rate will be determined in the process of book-building and the bills issued at face value. Both value date and payment due date is on 15 March and the to-be-issued bills tradable on 18 March. China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Ping An Bank Co has been hired as bookrunner and lead underwriters for the offering and Bank of Communications will be joint lead underwriter.

This will be the first short-term bills issued by the company this year.

In the first three quarters of 2012, the company’s operating revenue slumped 77.77 per cent YoY while net profit fell 83.06 per cent to CNY241m (US$38.7m). For the third quarter alone, operating income fell 3.51 per cent to CNY4.72bn and net profit stood at CNY129m which is a decline of 80.84 per cent.