China Electronics Corp to issue RMB 1.3 bln bonds

China Electronics Corp (CEC), the country's largest state-owned IT company, announced on Friday it will issue RMB 1.3 billion short-term bonds with a maturity of 365 day on the interbank market on Nov.27.

The company said in a statement that this batch of book-entry 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 Dec.1. Proceeds from the issuance will be used to supplement working capital, repay bank loans and optimize financing structure, according to the company.

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

China Everbright Bank and Industrial Bank Co<601166>have been assigned as major underwriters for the sale.