Angang Steel Co. Ltd. said March 18 that it intends to issue asset-backed securities of up to 10 billion yuan to eligible investors in a bid to reduce capital costs and tap idle bills assets.

The offering will be divided into 20 tranches, with a maximum of 1.05 billion yuan in the first tranche. The maturity date for each tranche shall not exceed two years, while the interest rate will be determined based on market conditions.

Shanghai Haitong Asset Management Co. Ltd. will act as project manager, while Haitong Securities Co. Ltd. and Everbright Securities Co. Ltd. will serve as distribution agencies.

As of March 15, US$1 was equivalent to 6.71 yuan.