On April 7, Henan Province-based Chinese steelmaker Anyang Iron and Steel Group Co. announced that it will issue short-term bonds worth RMB 1.5 billion ($239 million) on April 15.The period of issuance of the short-term bonds is one year, with China CITIC Bank as the main consignee.
China Chengxin International Credit Ranking Co. has ranked Anyang Steel’s long-term credit ranking as ‘AA’ and the medium-term bonds in question as ‘A-1’.
Accordingly, RMB 1 billion ($159 million) of the raised funds will be used to supplement the group’s working capital, mainly for the purpose of purchasing raw materials, while the remaining RMB 500 million ($80 million) will be used to repay certain debts.