On May 21, Xinjiang autonomous region-based Chinese steelmaker Xinjiang Kingtec Steel Co., a subsidiary of state-owned company Xinjiang Cathay International Group, announced that its planned issue of enterprise bonds worth a total of RMB 550 million ($89.72 million) has received approval from China's National Development and Reform Commission (NDRC).
Accordingly, the bonds in question, which will be issued from May 23 to May 27, will mature within seven years, while Northeast Securities is the lead underwriter. Capital raised from the bond issue will mainly be used for the construction of Hejing industrial park, which will have an annual steel product output amounting to 3 million mt.
According to Pengyuan Credit Rating Co., Xinjiang Kingtec Steel has a credit rating of ‘AA', while the rating for its planned bonds is also ‘AA'.