Cnooc raises first $2bn dual-tranche deal

China’s largest offshore oil and gas producer has stunned global markets with a $2 billion equivalent dual-tranche bond – the first from a Chinese company.

Cnooc raises first $2bn dual-tranche deal

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.

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