Sinopec, the world’s largest energy company by revenue, made a slick re-entry into the international bond markets on Thursday with its second $3 billion bond deal of the year.
The Aa3A rated group took full advantage of the yield compression, which accompanied the Fed’s decision to leave interest rates unchanged on Wednesday, by executing an aggressively priced deal
Pricing was pushed through fair value on all three tranches of its new deal on the grounds investors should make money in the secondary market as spreads continue to grind tighter.
And investors appeared to agree, with the peak order book building to $5.5...
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