Sinopec announces RMB 3.5 billion bond offering

Sinopec Corp, China's second largest oil and gas producer, said it would issue RMB 3.5 billion in 10-year domestic bonds with an annual coupon of 4.61%. The bonds will only be offered to Chinese citizens and institutions. Sinopec will use capital proceeds to construct oil pipelines to supply Shanghai, Ningbo and Nanjing as well as locations in southwestern China.