Sinopec close to issuing $2.9 bln worth of bonds-sources

SHANGHAI, April 29 - Top Asian oil refiner Sinopec Corp is close to issuing 20 billion yuan ($2.93 billion) worth of 5- and 10-year bonds on the Shanghai stock exchange, according to three sources with knowledge of the deal.
"It's estimated that each bond type will be worth 10 billion yuan. We are waiting for approval," one of the sources told Reuters on Thursday. "The sale will be dependent on the timing of the approval. Once we receive approval, we will offer the bonds immediately."
The main underwriters of the deal are China International Capital Corp, Goldman Sachs Gaohua Securities, and UBS Securities.
Sinopec spokesman Huang Wensheng told Reuters that the company had proposed at its last shareholder meeting last year a bond issue of up to 20 billion yuan and had asked for approval from the authorities. [ID:nHKV002305]
Sinopec posted a 40 percent rise in first-quarter net profit on Wednesday as booming demand for chemicals and oil in China offset weak refining margins. [ID:nTOE63Q08D]