Hong Kong team acts on Sinopec bond issuance advising one of the largest organisations in China

• China
• Hong Kong

07-11-2018

We have acted as counsel to Citibank as trustee on the recent US$ 2.5 billion bond issuance by Sinopec Group Overseas Development (2018) Limited, guaranteed by its parent, China Petrochemical Corporation (Sinopec Group).

Sinopec Group is the world's largest oil refining, gas and petrochemical conglomerate, the third-largest company in China by revenue, and the third largest in the world, with revenue of US$ 263 billion in 2017. It is also one of the largest State Owned Enterprises in China.

The Hong Kong debt capital markets team was led by Partner Kingsley Ong, supported by Associates Xinyang Li (Beijing) and Eleanor Lau (Hong Kong).

Kingsley commented:

“We are very pleased to have supported Sinopec on this multi-jurisdictional issuance. This is a highly prestigious appointment and reflects our reputation and profile with one of the largest organisations in China. The fund raising marks a key opportunity for Sinopec to enhance its growth profile."

Beijing Managing Partner & Client Relationship Partner for Sinopec, Jay Ze, added:

“Sinopec are a major client of the firm. Our appointment demonstrates both the strength of our relationship and the opportunities to develop further business with Sinopec and other Chinese State Owned Enterprises.”

The Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners were Bank of China, Citigroup, Goldman Sachs, HSBC, ICBC and Mizuho Securities.

The joint bookrunners were Agricultural Bank of China, Bank of China, Bank of Communications, Bank of America Merrill Lynch, CCB International, Citigroup, Credit Agricole CIB, DBS Bank, Goldman Sachs, HSBC, ICBC, JP Morgan, Mizuho Financial Group, Morgan Stanley, Societe Generale, Standard Chartered Bank, UBS and United Overseas Bank.

• Jay Ze
• Partner
• +86 10 6583 7388
• +86 10 6583 7388

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