Money

China Oriental issues guidance on $500m bond

(Agencies)
Updated: 2010-08-11 15:30

Chinese steelmaker China Oriental Group Co Ltd plans to sell $500 million in five-year bonds at 8-8.25 percent, a source close to the deal said on Wednesday.

Related readings:  China July steel output down 3.7% at 51.74m tons  China iron ore imports up 9% in July  Capacity cut to have no big impact on steel prices  Steel firms may face losses in H2

The deal could be priced later in the day, the source said.

China Oriental had hired Deutsche Bank AG and ING Groep NV to manage the deal, the source said. The banks also arranged the company's meeting with investors in May.

ArcelorMittal, the world's largest steelmaker, owns 29.6 percent of China Oriental, the company said in a filing to Hong Kong's stock exchange.