On October 9, Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baogang Group) announced that it plans to issue short-term bonds worth RMB 2.5 billion ($408 million) on October 15. The bonds, which are the first short-term bonds to be issued by the company in the current year, will mature within 365 days.
Ping An Bank Co. will be the lead underwriter. China Lianhe Credit Rating Co. has ranked Baogang's long-term credit rating as AA+ and has given the bonds in question a rating of A-1.