A subsidiary of Cnooc, the largest offshore oil and gas producer in China, on Thursday became the first mainland group to raise a dual-tranche senior unsecured fixed-rate note, launching a debut in European markets that diversified its fundraising efforts.
The deal by Cnooc Curtis Funding No. 1 was split into a $1.3 billion 10-year tranche with coupon of 4.5% and 500 million $674 million seven-year tranche with coupon of 2.75%, according to sources.
Global investors welcomed the deal notably the European market and were keen to grab a slice of the credit for diversification purposes. Both the dollar- and euro-denominated tranches were oversubscribed by approximately six and...
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