Sinopec deadline approaches for ‘unique’ proposals request

17 Feb 2011

Hong Kong’s leading banks will present China Petroleum & Chemical Corp (Sinopec) with their suggestions for a $3.8bn five year loan tomorrow, after grappling with a request for proposals that lacked price targets, commitment sizes or a decision on syndication.

The company approached around 10 banks regarding the financing in January, but opted to remain silent on some key terms, leaving bankers floundering to arrive at appropriate pitches that would give them a chance of winning the deal without leaving their banks dangerously exposed.

"The borrower is looking to ...

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