CNOOC order book spills over

CNOOC equals Jardine Strategic Development''s record for the lowest outstanding coupon in the Greater China universe.

As expected, pricing of a $500 million 144a debut by the Chinese EP exploration production giant came at the tight end of expectations, with a huge order book from the Mainland underpinning global expectations of a highly successful deal.

The Chinese banks alone are said to have accounted for about $1 billion of demand and as a result of minimal allocations, will almost certainly provide strong secondary support for the 10-year deal, which may yet tighten further from its...

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