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CNPC successfully issues RMB 20 billion in initial medium-term note

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Publish time: 11th November, 2008      Source: CNPC
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Considering the present situation caused by the financial turmoil, CNPC passed a proposal of issuing RMB 80 billion in medium-term notes for the sake of expanding cash reserves on October 8, 2008. 26 days later, the initial 20 billion was successfully issued with the maturity date of 3 years and an interest rate of 3.85%, the lowest among all the medium-term notes issued, and with the coupon rate lower than bank deposit and loan interest rate over the same period. The successful issue not only reflected market recognition to CNPC's credit, but also served as an important factor in stabilizing the medium-term note credit market.