Dec. 6, 2012 (China Knowledge) - China National Petroleum Corporation or CNPC, the parent company of PetroChina Co Ltd<601857
>, has said it will issue RMB 20 billion in super short-term bills with a maturity of 270 days on the interbank market on Dec. 7.
The company said 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 Dec. 10, and the to-be-issued bills tradable Dec. 11.
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.
China Development Bank and Agricultural Bank of China Ltd<601288
> have been hired as joint lead underwriters for the offering.
This will be the issuer's fourth super short-term bills this year.