On May 7, Sinochem Group issued three-year offshore bonds worth RMB2.5 billion with the subject of issuance as Sinochem Offshore Capital Company Ltd., a wholly-owned subsidiary of Sinochem Hong Kong (Group) Co., Ltd. Global investors scrambled to subscribe to bonds. As of bond pricing, over 130 investors had subscribed to bonds worth over RMB10 billion, the multiple of subscribed bonds had exceeded 4, and the final face interest rate of bonds had been fixed as 3.55 percent.
Previously on April 18, Sinochem Group set up an overseas medium-term note program with an issuance amount of USD3 billion. The offshore RMB bonds will be the second tranche issued after the program was set up. The bonds were rated A- by three international rating agencies: Moody's, Standard & Poor's and Fitch.