China Knowledge reported that China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd plans to issue CNY 20 billion worth of unsecured medium term notes with a maturity of four years on the interbank market on August 10.

The company said in a statement that the notes will be issued at the face value and the coupon rate will be determined in the process of book-building.

Both value date and payment due date is set on August 13 and the to-be-issued notes tradable August 14.

The issuer said all the proceeds will be used to replenish working capital.

China Lianhe Credit Rating Co Ltd has rated the issuer and the notes AAA and AAA respectively. Agricultural Bank of China Ltd or ABC and China Merchants Bank or CMB will be joint lead underwriter for the offering.

This will be the issuer's third medium-term notes this year.

Source - China Knowledge

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