Oct. 22, 2012 (China Knowledge) - China National Petroleum Corporation or CNPC, the parent company of PetroChina Co Ltd<601857
>, has announced it plans to issue RMB 20 billion in super short-term bills with a maturity of 270 days in the interbank market on Oct 23.
The company said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.
Both value and payment due date is set on Oct 24, and the to-be-issued bills tradable Oct 25.
All the proceeds from the issue will be used to replenish working capital, said the issuer.
Industrial and Commercial Bank of China <601398
> and China Construction Bank Corp<601939
> have been hired as joint lead underwriter for the offering.
This will be the issuer's third super short-term bills this year.