CICC Plans Up To RMB6 Billion Sixth Tranche Of Corporate Bonds

CICC (03908) said it will publicly issue its sixth tranche of corporate bonds to professional investors, with the offering size capped at RMB6 billion, according to ETNet. After deducting issuance costs, the proceeds are intended to be used entirely to refinance principal on company bonds and supplement working capital. The bonds will be split into two types: the first has a six-year tenor with an indicative coupon range of 1.1% to 2.1%, while the second has an eight-year tenor with an indicative coupon range of 1.2% to 2.2%. The bonds will have no credit enhancement measures. China Chengxin International Credit Rating assigned the issuer and the bonds an AAA rating.