Sinopec launches USD5bn five-tranche bond -sources

Wed Apr 2, 2014 3:24pm EDT

NEW YORK, April 2 (IFR) - Sinopec has launched a USD5bn five-tranche bond, making it one of the biggest ever dollar bonds issued by an Asian corporate on record.

The company has launched USD1.25bn three-year, USD750m five-year and USD1bn 10-year fixed rate bonds, and USD1.5bn three-year and USD500m five-year floating rate notes.

The three-year bonds are expected to price later on Wednesday at Treasuries plus 90bp, or 5bp tighter than final guidance of plus 95bp area. The five-year fixed are set to price at plus 100bp, again 5bp tighter than guidance and the 10-year will price with a spread of plus 160bp versus its plus 160bp area guidance level.

Earlier today, sources said order books were around USD20bn.

The notes are guaranteed by China Petrochemical Corporation. Sinopec has hired Citigroup, HSBC, Goldman Sachs, CCB International and JP Morgan as joint global coordinators as well as joint bookrunners and joint lead managers alongside BOC International, Morgan Stanley, UOB, Scotiabank, CBA, SG CIB, RBS and CMS (HK). (Reporting by Shankar Ramakrishnan; Editing by Natalie Harrison)

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