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CNPC to issue RMB 20 bln in MTN

Aug. 10, 2012 (China Knowledge) - China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, announced yesterday that it plans to issue RMB 20 billion worth of unsecured medium-term notes with a maturity of four years on the interbank market on Aug 10, sources reported.

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 Aug 13, and the to-be-issued notes tradable Aug 14.

All the proceeds will be used to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and the notes AAA and AAA, respectively.

Agricultural Bank of China Ltd or ABC<601288><1288> and China Merchants Bank or CMB<600036><3968> will be joint lead underwriter for the offering.

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

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