Nov. 13, 2012 (China Knowledge) - China Petroleum & Chemical Corporation, also known as Sinopec<600028
>, Asia's largest oil refiner, has announced it plans to issue RMB 5 billion in super short-term bills with a maturity of 270 days in the interbank market on Nov 14.
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 15, and the to-be-issued bills tradable Nov 16.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer AAA.
China Construction Bank Corp<601939
> has been hired as lead underwriter and bookrunner, China Development Bank will be the joint lead underwriter for the offering.
This will be the company's third super short-term bills this year.