Size isn’t everything as Sinopec opts for price in $3bn outing

china oil px230
By Narae Kim
26 Apr 2016

China Petroleum & Chemical Corp (Sinopec) fetched $3bn from a multi-tranche dollar deal on Monday that saw a 30 note added mid-way due to reverse enquiry. But unlike its last outing, the oil and gas giant kept the size relatively small in favour of tight pricing.

Sinopec has a penchant for breaking records. In April 2014, the issuer smashed records with a $5bn five tranche bond that ranked as the largest dollar deal in Asia at the time. 

A year later, the Aa3/A+/A+ rated state-owned company printed an impressive $6.4bn from a dollar-euro combo. ...

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