Aluminum Corp of China (Chalco; ACH.NYSE, 601600.SH, 2600.HK) is planning to increase bond sales to finance the company’s expansion, Bloomberg reported. The company is set to more than double its short- and medium-term debt to US$7.1 billion by June 2012. The company said that the lower financing cost of selling securities in China’s interbank market compared with commercial bank loans was behind its plans to issue both short-term paper and longer-term bills. Chalco’s Shanghai-listed shares have fallen by more than a third over the past 12 months, limiting its ability to raise money from equity. State media quoted the head of the China Securities Regulatory Commission in late December as saying that the country will speed up the development of its corporate bond market.
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