Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co. (Bengang Steel Plates), the listed subsidiary of Benxi Iron and Steel (Group) Co. (Bengang Group), has announced that it will issue corporate bonds worth RMB 1.5 billion ($0.244 billion) on February 5. The bonds will be three-year fixed rate bonds, with a preset interest rate range of 4.5-6.0 percent, while the final interest rate will be determined after inquiries made for institutional investors on February 4.
Beijing-based China Lianhe Credit Rating Co. (CCXI) has ranked the issuer's credit rating as AA+, while it has given the bonds in question a rating of AAA. Bengang Steel Plates stated that the corporate bonds in question will be used to adjust the company’s debt structure and to repay debts.