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China Baowu issues 15B yuan in convertible bonds

Baoshan Iron & Steel Co. Ltd. said Dec. 5 that its state-owned parent China Baowu Steel Group Corp. Ltd. issued 15 billion Chinese yuan of convertible bonds with an interest rate of 1.00%.

The bonds may be converted to A-shares of Baoshan Iron when they mature. China Baowu said a separate statement released Dec. 4 that the bonds would mature in three years but did not disclose the purpose of the bond issue.

As of Dec. 4, US$1 was equivalent to 6.62 Chinese yuan.