Jul. 23, 2012 (China Knowledge) - Sinopec Group, the parent co of Sinopec<600028
>, Asia's largest oil refiner, announced it plans to issue RMB 5 billion in super short-term bills with a maturity of 90 days on the interbank market on July 24.
The oil refiner said in a statement that the bills 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 July 25, and the to-be-issued bills tradable July 26.
China Lianhe Credit Rating Co Ltd has rated the issuer AAA.
China Development Bank and China Construction Bank Corp<601939
> will be joint lead underwriter for the offering.
The issuer said RMB 3 billion of the proceeds will be used to repay bank loans, while the remaining RMB 2 billion will be used to replenish working capital.