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People's Daily Online>>China Business

Baosteel to issue RMB bonds in HK

By Shen Wenmin (People's Daily)

14:21, November 23, 2011

Edited and translated by People's Daily Online

With approval from the State Council, the National Development and Reform Commission has recently agreed to allow Baosteel Group Corp. to be the first Chinese mainland enterprise to issue RMB-denominated corporate bonds in Hong Kong.

The world's three leading credit rating agencies, Moody's, Standard & Poor's and Fitch, have all completed credit ratings of Baosteel Group’s bonds. Baosteel's bonds have been rated triple-A by Moody's, A by Standard & Poor's, and A- by Fitch — all with a stable outlook.

Baosteel will use the funds to be raised from the corporate bond issuance to inject additional capital into its overseas subsidiaries.

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