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 Aa3/AA-, the Reg S/144A 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

As for the euro tranches, the three- and seven-year paper priced at mid-swaps...

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