Sinopec issues biggest dollar bond in a decade

China’s biggest refiner becomes latest mainland company to take advantage of cheap funding to help pay for overseas expansion.

Sinopec issues biggest dollar bond in a decade

China Petroleum Chemical Corp Sinopec raised $3.5 billion through a multi-tranche bond early Friday morning. The company, which is China’s biggest oil refiner, is the latest major state-owned enterprise to issue a dollar bond to fund overseas acquisitions.

It is the biggest US dollar bond from an Asian borrower since Hutchison Whampoa International’s $4.9 billion triple-tranche bond in November 2003, according to Dealogic.

Unusually, the deal was split into four tranches a...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: sinopec | bond

Print Edition

FinanceAsia Print Edition