A unit of China Petroleum & Chemical's (HKG:0386, SHA:600028) controlling shareholder, China Petrochemical, completed the issue of HK$7.75 billion of exchangeable bonds with the company's H shares as the underlying shares, a Tuesday Hong Kong bourse filing said.

China Petrochemical's unit Deep Development is using H shares of the company, held by another unit of the controlling shareholder, Sinopec Century Bright Capital Investment, as underlying shares.

The bonds, carrying a 0.75% coupon rate and falling due in seven years, can be exchanged starting June 30.

The issue will not result in a change in the actual control of the petrochemical company.