China Knowledge reported that China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd plans to issue CNY 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 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 and Bank of Communications have been hired as joint lead underwriters for the offering.

Proceeds from the offering will be used to replenish the group's working capital.