Sinochem Group decided to launch an overseas medium-term note program worth of USD3 billion on April 18th and conducted initial bond issue on April 22nd. The three top international rating agencies, namely Moody, S&P, and Ftich, have given A- rate to this medium-term note program and the initiative bond issue.
As the issuing body, Sinochem Offshore Capital Company Limited, the wholly-owned subsidiary of Sinochem Hong Kong (Group) Co., Ltd., is responsible for the initiative bond issue of 5-year dollar bonds worth of USD0.5 billion under the overseas medium-term note program. The issued bonds are highly sought-after by investors across the world. The orders placed by more than 160 investors amounted to USD2.7 billion, five-fold of the planned subscription value. At last, the nominal interest rate was set at 3.25%.
With the overseas medium-term note program in place, Sinochem Group is entitled to a flexible overseas bond issue mechanism, which will play a great role to meet the sufficient capital demands of the group at home and abroad in a middle and long term run.