On June 28, Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co. Ltd (Masteel) announced its first short-term bond issue for the current year, worth a total of RMB 1 billion ($0.15 billion), for a term of 365 days, with an interest rate of 5.05 percent. The short-term bond will be used to replace other sources of finance and supplement the working capital of the company.
Previously on May 9, the company had announced that it would issue short-term bonds worth a total of RMB 7.8 billion during the current year for the abovementioned purposes.