ChemChina opts for bilateral loans to raise $3.85bn for refi

China National Chemical Corp (ChemChina) is raising multiple bilateral loans worth about $3.85bn to refinance a deal maturing in early May, ditching syndication in favour of one-on-one agreements with banks. But while the cost benefits may be appealing, such an approach by borrowers is unlikely to be sustainable in the longer run. Pan Yue reports.