China’s state-owned chemical company Sinochem early Friday morning closed a $600 million perpetual, taking advantage of low rates to lock in funding for bonds that have no maturity. The deal offered the lowest coupon for a US dollar corporate hybrid from an Asian borrower.
It was also one of the few perpetuals from a major Chinese state-owned enterprise. The Beijing-headquartered Sinochem is wholly owned by the Chinese government. It had previously planned to raise $5.5 billion through a Shanghai IPO back in 2011, but shelved those plans. As it is unlisted, it does not have the option of issuing equity.
The issuer was Sinochem Global Capital and...
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