Asian top refiner Sinopec Corp. (SNP.NYSE; 00386.HK; 600028.SH) would sell 20 billion yuan of corporate bonds in a bid to meet requirement of cash flows, said an release by the company on Monday.
In particular, Sinopec Corp. plans to issue 13 billion yuan of three-year bonds and 7 billion yuan of five-year bonds with fixed coupon rates.
Coupon rate for three-year bonds would range from 2.8 percent to 3.8 percent while that of five-year bonds would be from 3 percent to 4 percent, according to Sinopec Corp.
The bonds would be sold to qualified institutional investors and results of interest rate inquiry would be announced on November 19.
Sinopec Corp. was recently approved to issue no more than 50 billion yuan of corporate bonds within the next two years.
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