Sinopec rewrites record book with $5bn bond

By Lorraine Cushnie
03 Apr 2014

Sinopec Group Overseas Development smashed records for Chinese state-owned industrials with a $5bn five tranche bond that ranks as the largest dollar deal in Asia for over 10 years, the largest bond from the country’s SOE sector and as well as the first to include floating rate notes. And it managed to price through its curve at each maturity.

The Reg S/144A offering launched with three year, five year and ten year fixed rate tranches, along with a three year floating rate tranche and a possible five year floating rate note.

While the market is no stranger to jumbo multi-tranche deals from China’s largest state-owned corporates, this ...

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