Chinese steel giant Baosteel Group has stated that its Xinjiang-based subsidiary Bayi Iron and Steel Co. (Bayi Steel) plans to issue short-term bonds worth RMB 1 billion ($163 million), for a term of 365 days on July 23, in its third short-term bond issue in the current year. Industrial and Commercial Bank of China (ICBC) will be the lead underwriter.
China Chengxin International Credit Rating Co. has given the short-term bonds which will be issued a rating of A-1, while it has ranked the issuer's credit rating as AA+ .