2nd UPDATE: CNPC Sells $1.15 Billion US Bond Deal
13 April 2012 - 8:14AM
Dow Jones News
China National Petroleum Corp. completed its $1.15 billion,
two-part sale to the U.S. debt markets Thursday.
The state-owned company offered investors 1.85 percentage points
over Treasurys on a five-year tranche and 1.90 points over
Treasurys on a 10-year tranche. The offered yields on both
maturities dropped 0.20 point from original pricing guidance,
indicating strong demand.
An investor familiar with the deal said underwriters received
more than triple the needed amount to sell the bonds.
This is only the second CNPC deal ever in the U.S. markets,
following a $1.85 billion deal in April 2011, according to
Dealogic.
Citigroup Inc. (C) and ICBC International Holdings, a Hong Kong
investment-banking subsidiary of Industrial & Commercial Bank
of China Ltd. (IDCBY, 601398.SH, 601398.SH), were lead bookrunners
on the transaction, with support from at least nine other
banks.
The bonds are rated A1 by Moody's Investors Service and an
equivalent A-plus by Standard & Poor's and Fitch Ratings.
S&P noted its rating reflects the "extremely high"
likelihood that the government of China would provide timely and
sufficient support in the event of financial distress.
CNPC is one of three wholly state-owned oil companies in
China.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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