Xinyu Steel to issue short-term bonds worth RMB 1.5 billion

Jiangxi province-based Chinese steelmaker Xinyu Iron and Steel Co. announced that it plans to issue short-term bonds worth RMB 1.5 billion ($245.9 million) on November 15. This will be the company's second short-term bond issue in the current year.

The bonds in question will mature within one year. The Guangdong Province branch of China Merchants 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 .