Xinjiang Tianshan Cement Co Ltd issued CNY500m (US$80m) worth of financial bills on 29 April 2014 with a maturity of 365 days and a coupon rate of 5.97 per cent, according to a recent company announcement.

The northwest China-based cement manufacturer intends to spend CNY200m worth of proceeds from the issuance to repay bank loans and use the remaining CNY300m to replenish working capital.