PetroChina's State-Owned Parent Gets Approval to Issue Exchangeable Corporate Bonds

By Joanne Chiu Features Dow Jones Newswires

The state-owned parent of PetroChina Co. (0857.HK) has received regulatory approval to issue exchangeable corporate bonds.

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PetroChina said late Monday that China National Petroleum Corp. received the approval from State-owned Assets Supervision and Administration Commission and the Issuance Examination Committee of the China Securities Regulatory Commission. This will allow CNPC to use some of its subsidiary's yuan-denominated shares as underlying instruments to issue the bonds, PetroChina said.

In April, the company said holders of the bonds, valued at up to 10 billion yuan ($1.48 billion), would be entitled to exchange them for CNPC's A shares of PetroChina.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

July 03, 2017 05:57 ET (09:57 GMT)