Sinopec has become the second Chinese state-owned company to raise money in the euro bond market, signalling a shift in funding sources as the country seeks to reduce its reliance on the US dollar.
Diversifying away from the dollar has long been a goal of the Chinese authorities, but up until a recent sell-off in dollar bonds prompted by uncertainty about US monetary policy, the euro market had been an unattractive option.
Yesterday Sinopec raised €550m via seven-year debt, paying a coupon of 2.625 per cent. It also sold five-, 10-, and 30-year US dollar bonds totalling $2.75bn.
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