CNPC plans $1b dollar bond issue

China National Petroleum Corp (CNPC) is planning to issue a $1 billion three-year floating-rate bond in the interbank market soon, the country's first dollar-denominated issue by a non-financial institution in China's interbank market.

The country's largest oil and gas producer has registered dollar-denominated bill issuances of up to $3 billion with the National Association of Financial Market Institutional Investors (NAFMII), Reuters reported yesterday, citing unnamed sources.

Once the registration process with the industry association has been completed, issuance in the interbank market will start very soon, one source told Reuters.