Sinopec sells Asia's biggest bond since 2003

State-run China Petrochemical Corporation, also known as Sinopec Group, raised a $5 billion multi-tranche bond on April 2, taking advantage of the still-low interest rate environment to refinance its existing debt.

Sinopec’s transaction the biggest dollar bond in Asia since 2003 and the largest-ever by a Chinese issuer includes three fixed-rate tranches with three-, five- and 10-year tenors totaling $1.25 billion, $750 million, and $1 billion, respectively, according to a term sheet seen by FinanceAsia.

The bond also includes two floating-rate note tranches split into three- and five-year maturities totaling  $1.5 billion and $500 million, respectively. The...