Sinochem issues $2 billion dual-tranche bond

Sinochem's 10- and 30-year notes break new ground in international markets for a Chinese borrower.

Sinochem Hong Kong, a leading player in China’s fertilizer industry, issued a $2 billion dual-tranche bond late last week.

The deal was the inaugural offering of Sinochem HK in the international bond market. It was also the largest-ever international bond launch from a Chinese issuer and the first by an unlisted Chinese non-bank company. The deal, made-up of $1.5 billion of 10-year notes and $500 million of 30-year notes, was priced late Thursday night Hong Kong time.

The initial pricing whisper was in the low-200bp range for the 10-year tranche and in the mid-200bp range for the 30-year bonds. Despite falling US Treasury yields and uncertainty over the Federal Reserve’s quantitative easing...

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