Sinochem scores Rmb2.5bn with dim sum return

By Isabella Zhong
08 May 2014

Sinochem saw strong demand for its sophomore CNH issue despite strong competition in the market. The Chinese state owned conglomerate’s investment grade rating proved an attractive feature for investors and the issuer was able to raise Rmb2.5bn ($406m) with its second deal in less than two weeks.

Bookrunners ANZ, Bank of China International, Crédit Agricole, DBS, HSBC, Morgan Stanley and Standard Chartered announced initial guidance for the three year transaction on Wednesday morning at the 3.8% area before tightening final guidance to 3.6% plus or minus 5bp.

The bond priced at 3.55%, with a final ...

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