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...

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