BEIJING, Aug. 21 (Xinhuanet) -- China Railcom, the country's sixth largest state-owned telecom operator, will issue one billion yuan (123.46 million US dollars) worth of corporate bonds between Aug. 18 and 31 with the authorization of the National Development and Reform Commission.

    This is the first time for China Railcom to enter the capital market since its establishment in 2000, the State-owned Assets Supervision and Administration Commission said.

    The corporate bonds, rated as AAA, bear an annual interest rateof 4.6 percent in face value and the issuance will be undertaken by the China International Trust and Investment Corporation (CITIC) Securities Co. Ltd.

    China Railcom claimed that all the funds raised will be used toimprove its telecommunications. Enditem