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.

  • 16 Mar 2011

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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2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

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5 Credit Suisse 23,189.41 72 6.19%