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Companies

US banks underwrite ChemChina bonds despite Pentagon watchlist

State-owned giant undeterred by label as Chinese military company

ChemChina's new bonds are underwritten by major U.S. and European institutions like Bank of America and BNP Paribas.   © Reuters

NEW YORK -- ChemChina has issued new offshore bonds with the help Goldman Sachs, Barclays and other leading Western financial institutions, despite being placed on a list of "Communist Chinese military companies" by the U.S. Defense Department last month.

Officially called China National Chemical Corp., the state-owned chemical maker raised a total of roughly $3 billion through dollar- and euro-denominated bonds.

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