China Petroleum and Chemical Corp, better known as Sinopec, has raised Rmb23 billion $3.5 billion from a six-year domestic convertible bond, which marks the largest equity or equity-linked transaction in Asia year-to-date.
It is also the largest CB in China after Bank of China’s record-breaking $5.9 billion deal in June last year and Industrial and Commercial Bank of China’s $3.7 billion offering a couple of months later. Like these two transactions, the Sinopec CB is convertible into domestic A-shares only....