On March 10, Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baogang Group) announced that it has completed issuance of two-year corporate bonds worth a total of RMB 3 billion ($490 million). Baogang had received approval for the issuance of the corporate bonds on October 11, 2013, with the bonds to be issued within six months of the date in question.
Regarding the two-year corporate bonds, general public investors subscribed RMB 32.081 million ($5.24 million), while institutional investors subscribed RMB 2.968 billion ($485 million), accounting for 1.07 percent and 98.93 percent of the total bonds, respectively.