Published on 1/8/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s Sinopec prices $3 billion of 1.45%, 2.3% and 3.1% notes
By Cady Vishniac
Detroit, Jan. 8 – China Petrochemical Corp. subsidiary Sinopec Group Overseas Development (2018) Ltd. sold $1.15 billion of 1.45% senior notes due 2026, $1.2 billion of 2.3% senior notes due 2031 and $650 million of 3.1% senior notes due 2051 (A1/A+), according to an announcement.
Citigroup Global Markets Inc., Goldman Sachs (Asia) LLC, J.P. Morgan Securities LLC, Bank of China, China Construction Bank, ICBC International, BofA Securities, Inc. and Societe Generale Corporate & Investment Banking worked as joint global coordinators, joint lead managers and joint bookrunners.
Joining as joint lead managers and joint bookrunners were Agricultural Bank of China Ltd. Hong Kong Branch, Bank of Communications, China Merchants Securities (HK), CMBC Capital, DBS Bank Ltd., Morgan Stanley & Co. LLC and UBS Securities LLC.
Proceeds will be used to refinance debt and for general corporate purposes, according to Moody’s Investors Service.
Application has been made to the Stock Exchange of Hong Kong Ltd. for a listing.
The notes are guaranteed by the parent, a Beijing-based petroleum and petrochemical company.
| Issuer: | Sinopec Group Overseas Development (2018) Ltd.
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| Guarantor: | China Petrochemical Corp.
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| Issue: | Senior notes
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| Amount: | $3 billion
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs (Asia) LLC, J.P. Morgan Securities LLC, Bank of China, China Construction Bank, ICBC International, BofA Securities, Inc., Societe Generale Corporate & Investment Banking, Agricultural Bank of China Ltd. Hong Kong Branch, Bank of Communications, China Merchants Securities (HK), CMBC Capital, DBS Bank Ltd., Morgan Stanley & Co. LLC and UBS Securities LLC
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| Announcement date: | Jan. 8
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| Listing date: | Jan. 11
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| Ratings: | Moody’s: A1
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| S&P: A+
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|
|
| 2026 notes
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| Amount: | $1.15 billion
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| Maturity: | 2026
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| Coupon: | 1.45%
|
|
|
| 2031 notes
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| Amount: | $1.2 billion
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| Maturity: | 2031
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| Coupon: | 2.3%
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|
|
| 2051 notes
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| Amount: | $650 million
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| Maturity: | 2051
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| Coupon: | 3.1%
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