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China to issue $3.1 bln railways bonds

08-08-2011 18:15 BJT

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China's Ministry of Railways will issue 20 billion yuan - or 3.1 billion US dollars - of super short-term commercial papers on Monday. Raised funds will be used to build railways and improve liquidity.

The papers will be offered by tender on the inter-bank bond market. China Development Bank and the China Construction Bank are lead underwriters.

Analysts say it is becoming more difficult for the ministry to borrow money due to inadequate market liquidity and heavy debt burden.

Meanwhile, there are concerns about banks tightening lending after the deadly train crash in east China last month. However, China's four state-owned banks said they will continue to issue loans to the ministry based on market conditions and risk appraisal.

Editor:Li Wanran |Source: CNTV.CN

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