PetroChina to issue RMB 30 bln in financing bills

Sep. 23, 2009 (China Knowledge) - PetroChina<601857><0857><PTR>, the country's largest oil producer, announced that it will issue a batch of 330-day financing bills on the interbank market on Sep. 29, sources reported.

The company hopes to raise up to RMB 30 billion through the issuance, according to a statement filed with the Shanghai Stock Exchange.

The bills will become tradable on Oct. 9, and both the value date and the payment due date will be Sep. 30, according to the company's statement.

The financing bills will be issued at face value, and the yield will be determined in the process of book building.

The proceeds from the issuance will be used mainly to replenish the firm's working capital.

China Lianhe Credit Rating Co has rated the issuer and the bills AAA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> and Bank of Communications<601328><3328> have been hired as the major underwriters for the sale.