Tianjin Port Group, the largest port operator in North China, yesterday announced that it will issue RMB 1 billion worth of short-term bills with a maturity of 365 days on the interbank market on 12 August, market sources reported.
The firm said in a statement that the bills will be issued at face value and that the yield will be determined in the process of book building.
China Merchants Bank have been assigned as joint major underwriters for the issuance.
China Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
The proceeds from the bill issue will be used to replenish working capital and make payment for engineering projects, said the firm.
