China’s Ministry of Railways is seeking to raise $3.1 billion through a sale of one-year bills, Reuters reports. Agricultural Bank of China and China Development Bank are serving as the underwriters for the transaction
The railway ministry, which is selling short-term bills for the third time this year, had total liabilities of about $307 billion at the end of March. The ministry posted a pre-tax loss of $574.8 million for the first quarter of 2011.
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