Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group Co. (Ansteel) has announced that it plans to issue short-term bonds worth RMB 1.8 billion ($295 million) on November 13. The issue will be its second short-term bond issue in the current year. The bonds in question will mature within nine months. China Construction Bank will be the lead underwriter.
At present, Ansteel and its subsidiaries have short-term, medium-term and corporate bonds totaling RMB 7 billion ($1.15 billion) to be repaid. Beijing-based China Cheng Xin International Credit Rating Co. has given the short-term bonds Ansteel will issue a rating of A-1 and has ranked the issuer's credit rating as AAA.