Sinopec scores $3.5bn dollar, euro double
Sinopec Group Overseas Development issued a wildly successful set of bonds in euros and dollars on October 9. The deal confirmed the trend of Asian issuers tapping the euro market but also showed that investors in the US, far from cowering in fear at the threat of a federal default, are eager to buy paper.
“Euros has offered a nice pricing arbitrage versus dollars, thanks to the normalising of the basis swap and good investor demand,” said a debt capital markets banker at one of Sinopec’s lead managers. “Euros has not been polluted by the ridiculous political problems in the US.”
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