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China Petroleum sets talk for dollar-denominated benchmark notes due in three, five, 10, 30 years
By Christine Van Dusen
Atlanta, April 25 – China Petroleum & Chemical Corp. set talk for a four-tranche offering of benchmark-sized and dollar-denominated notes due in three, five, 10 and 30 years (expected ratings: Aa3/A+), a market source said.
The three-year notes were talked at a spread in the Treasuries plus 215 basis points area.
The five-year notes were talked at a spread in the Treasuries plus 145 bps area.
The 10-year notes were talked at a spread in the Treasuries plus 175 bps area.
The 30-year notes were talked at a yield of 4¼%.
Citigroup, Goldman Sachs, Bank of China, HSBC and JPMorgan are the joint global coordinators for the Rule 144A and Regulation S deal.
The notes will be issued via Sinopec Group Overseas Development (2016) Ltd.
The proceeds will be used to refinance existing debt.
China Petroleum is an energy and chemical company based in Beijing.
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