ChemChina adds euro ammunition after Syngenta deal

The acquisitive state-owned chemicals giant made the most of its increased profile in Europe, selling its first euro-denominated bond as it continues to work to finalise Syngenta deal.

ChemChina took advantage of a lull in recent market turbulence on Wednesday to execute its first euro-denominated bond.

The state-owned chemical giant issued a 700 million $743.3 million five-year Reg S bond, paying a yield of 1.871%, a week after the Export-Import Bank of China issued the largest euro-denominated bond out of China, raising 2 billion through a dual-tranche structure.

The deal was a further sign of the strong impression ChemChina has made in Europe, where it has grown its profile with two blockbuster MA deals, a $7.7 billion takeover of famed Italian tyre manufacturer Pirelli in 2015 and its February announcement...

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