The China Petroleum and Chemical Corporation (Sinopec) plans to issue 10 billion yuan (approximately 1.25 billion U.S. dollars) worth of short-term bonds on May 16, Thursday's China Securities Journal reports.

The underwriter for the issue of the bonds, which will available for trading on May 18, is China Construction Bank, one of the nation's four major state-owned banks.

This is the third time a Chinese company has issued short-term bonds worth 10 billion yuan or more in the first three months of this year.

Sinopec's parent company, Sinopec Group, issued 10 billion yuan of short-term bonds in January and, in April, China Telecom Co. Ltd issued 20 billion yuan (about 2.5 billion dollars) of short-term bonds.

Source: Xinhua