China National Offshore Oil Corporation CNOOC raised $850 million last night Thursday from a debut convertible deal. Timing of the transaction caught the market slightly off guard given the US was shut for Thanksgiving, but it was not altogether surprising given that CNOOC is strongly rumoured to be in negotiations with Shell to purchase its 34% stake in Australia's Woodside Petroleum, currently valued at $2.47 billion.
The $750 million deal, upsized to $850 million, represents the largest and arguably most aggressively priced CB to ever come out of China. The leads also have an option to upsize the deal to $1 billion and if this is exercised, it will place it...
