China’s Sinopec sells $5 billion worth of bonds

April 4, 2014

China Petrochemical Corp., parent of Asia’s largest oil refiner, raised $5 billion from the biggest offering of dollar-denominated notes by an Asian issuer in more than a decade, Bloomberg reported on April 3. The Beijing-based state-owned enterprise, known as Sinopec Group, sold notes with three-, five- and 10-year maturities, matching the amount issued in November 2003 by Hutchison Whampoa Ltd., the Hong Kong conglomerate controlled by Li Ka-shing, Asia’s richest man. Investors in the U.S. bought 70 percent of Sinopec’s three-year fixed-rate notes, according to a person familiar with the matter.

Copyright: Bloomberg, 2014