Chengdu Industry Investment to finance CNPC’s Sichuan ethylene project by bond issue

China’s state-owned investment enterprise Chengdu Industry Investment Group Co. Ltd. has started issuing seven-year corporate bonds worth RMB 1.5 bln, at a coupon rate of 5.08%. The issuer has the option to raise the rate by up to 100 basis points at the end of the fifth year. RMB 1.2 bln will be utilized to finance China National Petroleum Corp's Sichuan’s 800,000 tpa ethylene project, and the balance will be used to replenish the company's working capital.
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