Sinopec raises $3.5 billion from A-share CB

The domestic deal attracts more than 2,000 investors, even as the surge in oil prices sends the company's share price lower.

China Petroleum and Chemical Corp, better known as Sinopec, has raised Rmb23 billion $3.5 billion from a six-year domestic convertible bond, which marks the largest equity or equity-linked transaction in Asia year-to-date.

It is also the largest CB in China after Bank of China’s record-breaking $5.9 billion deal in June last year and Industrial and Commercial Bank of China’s $3.7 billion offering a couple of months later. Like these two transactions, the Sinopec CB is convertible into domestic A-shares only. Sinopec also has H-shares listed in Hong Kong.

According to a source, the deal was heavily oversubscribed following the bookbuilding on Wednesday with more than 2,000 investors submitting orders. The level of interest was so...

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