Nov. 7, 2012 (China Knowledge) - China Petroleum & Chemical Corporation, also known as Sinopec <600028
>, Asia's largest oil refiner, has announced it plans to issue RMB 10 billion in super short-term bills with a maturity of 180 days in the interbank market on Nov 8.
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 Nov 9, and the to-be-issued bills tradable Nov 12.
All the proceeds from the issue will be used to replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer AAA.
Industrial and Commercial Bank of China<601398
> has been hired as lead underwriter and bookrunner. Bank of China<601988
> will be the joint lead underwriter for the offering.
This will be the company's sixth super short-term bills this year.