Sinopec's US$5b bond issue Asia's biggest in a decade

[HONG KONG] China Petrochemical Corp, parent of Asia's largest oil refiner, raised US$5 billion from the biggest offering of US dollar-denominated notes by an Asian issuer in more than a decade.

The Beijing-based state-owned enterprise, known as Sinopec Group, sold notes with three, five and 10-year maturities, matching the amount issued in November 2003 by Hutchison Whampoa, the Hong Kong conglomerate controlled by Li Ka-shing, Asia's richest man.

Investors in the US bought 70 per cent of Sinopec's three-year fixed rate notes…