State-owned fuel producer China National Petroleum Corp CNPC had to pay up to attract investors early yesterday morning when it tapped the market with a debut Rmb3 billion $470 million dual-tranche offshore renminbi bond.
The Rmb2.5 billion two-year bonds pay a 2.55% coupon and were reoffered at 99.903 to yield 2.60% to October 26, 2013, while the Rmb500 million three-year bonds pay a 2.95% coupon and were reoffered at 99.857 to yield 3% to October 26, 2014. The deal gathered an Rmb8.7 billion order book from 93 investors.
Rivals were surprised that CNPC, which is a strong credit and enjoys good name recognition, had to pay...
¬ Haymarket Media Limited. All rights reserved.
