Jilin Provincial Expressway Group Co Ltd, a state-owned enterprise engaged in expressway investment, construction and operation, announced on Thursday it started to float corporate bonds worth RMB 1 billion on the interbank market with a maturity of five years from Oct. 24 to 27.

The company said in a statement that the bonds would be issued at face value with a coupon rate of 5.65%, and proceeds from the bond issue would be used to fund an expressway construction project in Changchun.

China Lianhe Credit Rating Co Ltd has rated the issuer and the bonds AA and AA- respectively.

Fujian Provincial Communication Transportation (Shareholding) Co Ltd will provide the bonds with unconditional and irrevocable full guarantee.

Guotai Junan Securities Co has been assigned as major underwriter for the sale.