CNPC pushes out $2 billion bond to fund offshore forays

China's biggest oil company hits offshore markets with a triple tranche deal and is warmly welcomed by investors despite Fitch's China downgrade.

CNPC pushes out $2 billion bond to fund offshore forays

China National Petroleum Corp CNPC, the country’s biggest oil company, closed a $2 billion triple-tranche US dollar bond early Wednesday morning. The company was wading into offshore debt markets for the third time and attracted a warm welcome from investors.

According to the prospectus, the proceeds will be used for its overseas operations. Investors expect proceeds from the debt raising to fund CNPC’s overseas MA activities an area in which the Chinese...

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