Sinopec issues biggest dollar bond in a decade

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

China Petroleum Chemical Corp Sinopec raised $3.5 billion through a multi-tranche bond early Friday morning. The company, which is China’s biggest oil refiner, is the latest major state-owned enterprise to issue a dollar bond to fund overseas acquisitions.

It is the biggest US dollar bond from an Asian borrower since Hutchison Whampoa International’s $4.9 billion triple-tranche bond in November 2003, according to Dealogic.

Unusually, the deal was split into four tranches a $750 million three-year piece, a $1 billion five-year piece, a $1.25 billion 10-year piece and a $500 million 30-year piece. The last four-tranche dollar deal was back in 1997, when both the Sinar Mas Group...

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