Sinopec seals landmark $6.4b bond

State-owned oil refiner raises Asia’s largest dual-currency bond, pricing the bonds at competitive levels.

China Petrochemical Corporation Sinopec sold a landmark $6.4 billion multi-tranche bond on Wednesday morning, tapping both the dollar and euro markets for funding.

Rated Aa3AA-, the Reg S144A offering can be split into a $2.5 billion five-year bond, $1.5 billion 10-year note, $800 million 30-year tranche, as well as a 850 million three-year paper and 650 million seven-year bond, according to a term sheet seen by FinanceAsia.

For the dollar tranches, the five-, 10-, and 30-year offerings priced at Treasuries plus 125 basis points, 145bp and 152bp respectively, approximately 15bp to 28bp tighter than their initial price guidance areas.

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