Chinese state-owned groups hot for euro bonds

Asia’s largest refiner sold a sizable triple-tranche dollar bond as well as a euro note at tighter pricing as yield-hungry global investors snap up the region’s debt, defying market fears of a potential US default.

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

As part of the latest sale, the oil giant added a 30-year maturity after demand from investors during bookbuilding.

The treasury has raised over $1bn in one day for the two and a half year offering.

The oversubscribed Euro offering is in three tranches of 8, 12 and 20 years, and follows green bond issuances in Hong Kong and Australia in H1 2026.

The HK$20bn issuance, denominated in multiple currencies, is a global record for the largest digital bond.