Biz Scene: Grapevine

Bond plan

Sinopec Finance Co, Baosteel Finance Co and four other Chinese finance companies plan to sell bonds for the first time to raise funds for their group companies, the China Securities Journal said, citing an unidentified official at one of the companies.

Sinopec Finance, a unit of China Petroleum & Chemical Corp, may sell 5 billion yuan of 10-year bonds, the Beijing-based newspaper said, adding the coupon rate may be set at about 5 percent. The newspaper didn't say how much Baosteel Finance and the others may raise.

(China Daily 09/27/2007 page15)