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发帖数: 2285 | 1 Sinopec’s $5 Billion Dollar Bond Asia’s Biggest in a Decade
By Rachel Evans
China Petrochemical Corp., parent of Asia’s largest oil refiner, raised $5
billion from the biggest offering of dollar-denominated notes by an Asian
issuer in more than a decade.
The Beijing-based state-owned enterprise, known as Sinopec Group, sold notes
with three-, five- and 10-year maturities, matching the amount issued in
November 2003 by Hutchison Whampoa Ltd., the Hong Kong conglomerate
controlled by Li Ka-shing, Asia’s richest man. Investors in the U.S. bought
70 percent of Sinopec’s three-year fixed-rate notes, according to a person
familiar with the matter.
Sinopec Group’s sale increases dollar issuance by companies from Asia
outside Japan to $6.25 billion in April, already more than in all of March,
when concern that slowing growth in China would accelerate debt repayment
difficulties after the nation’s first onshore bond default damped demand.
Yields on U.S.- currency bonds sold by Chinese borrowers rose to 6.12
percent on March 20, the most in six months, before falling to 5.9 percent
as of yesterday, Bank of America Merrill Lynch indexes show. Globally
companies pay 2.87 percent.
“Sinopec as a name is definitely becoming more international, which
explains the number of U.S. investors buying into the deal,” said Anthony
Leung, a Hong Kong-based analyst at Nomura Holdings Inc. “The company sold
bonds with shorter tenors and also some floaters, which is not surprising
considering the worries about U.S. interest rate hikes.”
Photographer: Brent Lewin/Bloomberg
The China Petroleum & Chemical Corp. (Sinopec) oil terminal stands in the
Tsing Yi district of Hong Kong.
The China Petroleum & Chemical Corp. (Sinopec) oil terminal stands in the
Tsing Yi district of Hong Kong. Close
CloseOpen Photographer: Brent Lewin/Bloomberg The China Petroleum &
Chemical Corp. (Sinopec) oil terminal stands in the Tsing Yi district of
Hong Kong.
Federal Reserve Chair Janet Yellen said last month that borrowing costs
could rise “around six months” after the U.S. central bank’s monthly bond
purchases end.
Pricing, Tenors
Sinopec Group issued $1.5 billion of three-year floating-rate securities at
78 basis points more than the three-month London interbank offered rate and
$1.25 billion of fixed-rate notes of the same tenor at 90 basis points more
than Treasuries, data compiled by Bloomberg show.
The company also sold $750 million of five-year fixed-rate debt at 100 basis
points more than Treasuries and $500 million of floating-rate debentures
due 2019 at a 92 basis-point spread over Libor. In addition, investors
bought $1 billion of 10-year bonds at 160 basis points more than government
debt.
The Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan
slid by 2 basis points to 121 basis points as of 8:06 a.m. in Hong Kong,
after closing at its lowest level since Sept. 23 yesterday, Australia & New
Zealand Banking Group Ltd. prices show.
Australia, Japan
The Markit iTraxx Australia index slipped 0.3 basis point to 98.5 as of 11:
45 a.m. in Sydney, according to Citigroup Inc. prices. The gauge has fallen
4.7 basis points this month after gaining 1.2 basis points in March,
according to CMA, which is owned by McGraw-Hill Cos. and compiles prices
quoted by dealers in the privately negotiated market.
The Markit iTraxx Japan index was little changed at 83 basis points as of 9:
04 a.m. in Tokyo, Citigroup prices show. The index is holding at its lowest
level since March 19, CMA data show.
Credit-default swap indexes are benchmarks for insuring bonds against
default and traders use them to speculate on credit quality. A drop signals
improving perceptions of creditworthiness, while an increase suggests the
opposite.
The swap contracts pay the buyer face value in exchange for the underlying
securities if a borrower fails to meet its debt agreements. | y**********g
发帖数: 2285 | 2 习近平要是真打虎，看看这50亿是谁的就又可以打到一条了，不过我怀疑是他们自己的
，哈哈。
5
notes
bought
person
【在 y**********g 的大作中提到】
: Sinopec’s $5 Billion Dollar Bond Asia’s Biggest in a Decade
: By Rachel Evans
: China Petrochemical Corp., parent of Asia’s largest oil refiner, raised $5
: billion from the biggest offering of dollar-denominated notes by an Asian
: issuer in more than a decade.
: The Beijing-based state-owned enterprise, known as Sinopec Group, sold notes
: with three-, five- and 10-year maturities, matching the amount issued in
: November 2003 by Hutchison Whampoa Ltd., the Hong Kong conglomerate
: controlled by Li Ka-shing, Asia’s richest man. Investors in the U.S. bought
: 70 percent of Sinopec’s three-year fixed-rate notes, according to a person
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