ChemChina steps up with its perp

Strong demand for deal with a "proper" perpetual structure as group moves closer to creating the world's largest chemical company.

China National Chemical Corp ChemChina made a rare foray into the international bond markets on Wednesday with a well-received deal encompassing a traditional perpetual structure. 

The $600 million transaction had aggressive pricing but attracted peak demand of $6.9 billion as investors bet on a future when ChemChina overtakes Germany's BASF and America's Dow Chemical to become the world's largest chemical company.

The fundraising is part of the group's efforts to lengthen the duration of its debt profile and re-finance loan funding for the acquisition of Swiss agrochemicals firm Syngenta. The $46.5 billion deal, which remains on course to close later this year, represents...

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