GC
Sinopec taps to make multi-tranche saving
Sinopec Group Overseas Development took advantage of abundant liquidity to price a three tranche tap on June 9 that saw across-the-board savings for the issuer. The oil major returned to the market to reopen three of the five tranches from its record breaking $5bn April issue.
Demand for yield coupled with increased liquidity driven by redemptions and by bond fund inflows over the last couple of weeks meant that the borrower opened its tap into receptive markets. Flows into bonds in the region rose to $485m for the week ending June 4,
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