Sinopec Finance Issues 4bln Yuan Bonds

Sinopec Finance Co Ltd, a unit of China Petroleum & Chemical Corp, said it has received approval from the banking regulator to issue 4 bln yuan worth of bonds on the interbank bond market on Oct 18-22, making it the first Chinese finance company to issue bonds.

In a statement published the official China Securities Journal, the finance company said that the fixed-rate bonds will have maturities of three years, with the final rate to be set via bookbuilding on that day.

Proceeds from the issue will be used to optimize its loan structure, the company said.

China International Capital Corp will be the main underwriter for the issue.