Sinopec completes largest dollar bond of 2016

Reception to Chinese oil major shows investors still like some energy-related names.
Slick operator
Slick operator

Asia’s leading oil refiner, Sinopec, completed the largest offshore bond of the year from Asia ex-Japan on Monday, raising $3 billion from a four-tranche offering.

Sinopec likes setting records, having last tapped the bond markets almost one year ago with a $6.4 billion five-tranche bond that represents Asia’s second largest corporate bond on record behind Alibaba’s mammoth $8 billion deal.

Its new Aa3A rated deal will also go some way to bolstering the league tables since $15.3 billion of overall G3 issuance is only half the $30 billion Asian issuers had raised by this time last year according to Dealogic figures.

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