Sinochem offers lowest coupon for Asia dollar perpetual

Sinochem becomes one of the first few major state-owned enterprises to issue a dollar perpetual.

Sinochem offers lowest coupon for Asia dollar perpetual

China’s state-owned chemical company Sinochem early Friday morning closed a $600 million perpetual, taking advantage of low rates to lock in funding for bonds that have no maturity. The deal offered the lowest coupon for a US dollar corporate hybrid from an Asian borrower.

It was also one of the few perpetuals from a major Chinese state-owned enterprise. The Beijing-headquartered Sinochem is wholly owned by the Chinese government. It had previously planned to raise $5.5...

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