Beiqi Foton to issue RMB 500 mln short-term bonds

Beiqi Foton Motor Co. Ltd<600166>, the largest commercial vehicle producer in China, announced on Friday it will issue RMB 500 million short-term bonds with a maturity of 365 day on the interbank market on Nov. 26.

The company said in a statement that this batch of bonds will be issued at the face value and the coupon rate will be determined during the process of book building.

The bonds will become tradable on Nov. 27. Proceeds from the issuance will be used to supplement working capital, according to the company.

China Chengxin International Credit Rating Co has rated the issuer and the bonds AA-1 and A- respectively.

China Minsheng Banking Co<600016> has been assigned as major underwriter for the sale.