China National Tire & Rubber Co., Ltd., a subsidiary company of China National Chemical Corporation (ChemChina) successfully issues EUR 700 million secured bonds maturing in 5 years on December 8, 2016 with a coupon of 1.871%. The bonds are issued by CNRC CAPITAL LIMITED, a wholly-owned subsidiary of China National Tire & Rubber Co., Ltd. It is rated as investment grade BBB+ by Fitch Ratings. ChemChina provides unconditional and irrevocable guarantee to the issuance.
ChemChina is wholly owned by State-owned Assets Supervision and Administration Commission (SASAC). It’s founded by the state-owned enterprises affiliated to the former Ministry of Chemistry. Its revenue in 2015 is US$ 45 billion, the largest chemical company in China and no. 234 among the global 500. It’s rated as BBB+ by Fitch Ratings. The strategic positioning of ChemChina is “old chemistry with new materials”. Its businesses include six segments in chemical new materials and special chemicals, basic chemicals, petroleum processing, agricultural chemicals, tire and rubber, and chemical equipment.