Company officials declined to comment further on whether the unguaranteed tranche would go ahead.

There was uncertainty in the market on Wednesday over whether the sale of the unguaranteed tranche would go ahead.

Shenyin & Wanguo Securities assigned its top credit rating of AAA to the guaranteed tranche, and AA-plus to the unguaranteed tranche.

At one stage, several market sources, including two sources close to underwriter CITIC Securities, said the unguaranteed tranche would be suspended indefinitely.

Shenyin & Wanguo Securities had assigned its top credit rating of AAA to the guaranteed tranche, and AA-plus to the unguaranteed tranche.

It set a coupon of 7.00 percent for a 2.9 billion yuan unguaranteed tranche, compared with a range of 7.00-7.50 percent.