Feb. 29, 2012 (China Knowledge) - China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857
>, has said it intends to issue RMB 18 billion worth of 180-day unsecured bills on the interbank market on Mar. 1.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is Mar. 2, and the to-be-issued bills tradable on Mar. 3.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer AAA.
Agricultural Bank of China Ltd<601288
> and Industrial and Commercial Bank of China<601398
> have been assigned as the joint lead underwriters.
This will be the issuer's second short-term bill this year.