On January 21, Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baogang Group) announced that it plans to issue short-term bonds worth a total of RMB 1 billion ($163.9 million) on January 24 and January 26. This will be the company's first short-term bond issue in the current year. The bonds in question will mature within one year, while
China Development Bank will be the lead underwriter.
Dagong Global 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+. At present, Baogang Group and its subsidiaries have short-term, medium-term and corporate bonds totaling RMB 11.5 billion ($1.89 billion) to be repaid.