Sinopec picks banks for controversial loan
China Petroleum & Chemical Corp (Sinopec) has chosen nine banks to run a $3.8bn deal that it plans to launch at the end of next week, ending a tough pitching process in which deal size, syndication strategy and pricing changed several times.
ANZ, Bank of Tokyo-Mitsubishi, Citi, HSBC, Mizuho and UOB are understood to be underwriting the transaction, while Bank of America Merrill Lynch, JPMorgan and SMBC are expected to commit to take-and-hold positions. But the borrower will not formally mandate until Thursday or Friday.Sinopec plans to launch the five ...
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