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CNPC to issue RMB 60 bln corporate bonds

Feb. 3, 2012 (China Knowledge) - China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, plans to issue RMB 60 billion or around US$9.5 billion worth of corporate bonds in three tranches over the next few months, said persons familiar with the matter.

The first tranche, worth RMB 20 billion, is likely to have maturities of between 7 and 15 years, and would be issued this month.

Underwriters of the first tranche included Galaxy Securities, Hongyuan Securities Co<000562> and China International Capital Corp.

On Jan. 10, CNPC issued RMB 20 billion of fixed-rate corporate bonds, its first corporate bond of this year. The issued bonds comprised seven-year bonds and ten-year bonds with a coupon rate of 4.54% and 4.69%, respectively.

PetroChina, the issuer's major unit, earned nearly RMB 37.4 billion in net profit attributable to shareholders in the first three quarters of 2011 on the International Financial Reporting Standards, up 7.8% from a year earlier.

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