Sinopec issues $3.5bn dual-currency multi-trancher

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.
Sinopec’s latest jumbo offering pushed the value of bonds this year in Asia ex-Japan, in US dollars, euros or yen to $126.9 billion.
Sinopec’s latest jumbo offering pushed the value of bonds this year in Asia ex-Japan, in US dollars, euros or yen to $126.9 billion.

Sinopec issued a $2.75 billion multi-tranche bond and a 550 million $743 million seven-year note on Wednesday, in the face of weaker Asian markets as sentiment continues to be hit by the US government shutdown.

The dollar deal by Sinopec Group Overseas Development was split into three tranches of five-, 10- and 30-years the first one since May with volumes of $750 million, $1.5 billion and $500 million respectively, according to a term sheet.

Pricing of each tranche tightened substantially from the initial price guidance, indicating strong demand for Sinopec’s Aa3A rated notes that are guaranteed by the parent company. The five-, 10- and 30-year tranches...

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