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Sinopec issues RMB 10 bln in 180-day bills today

Mar. 26, 2012 (China Knowledge) - Sinopec<600028><386>, Asia's largest oil refiner, has announced that it plans to issue RMB 10 billion worth of 180-day unsecured bills on the interbank market today, the sources reported.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on Mar. 27, and  the to-be-issued bills is tradable on Mar. 28.
China Lianhe Credit Rating Co Ltd has rated the issuer AAA.

Industrial and Commercial Bank of China<601398><1398> and Bank of China Ltd<601988><3988> have been hired as joint lead underwriters for the offering.

Proceeds from the deal will be used to replenish the firm's working capital.

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