May. 9, 2012 (China Knowledge) - China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, announced today that it plans to issue RMB 20 billion worth of unsecured medium-term notes with a maturity of five years on May 16.
 
The company said in a statement that the notes will be issued at face value and coupon rate will be determined by a public tender through the bond issue system of the People's Bank of China.
 
Both value date and payment due date is May 17, and the to-be-issued notes tradable on May 18.

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

Industrial and Commercial Bank of China<601398><1398> and Bank of Communications<601328><3328> have been hired as joint lead underwriters for the offering.
 
Proceeds from the offering will be used to replenish the group's working capital.