China Oil & Gas bond pipes into strong demand

High yield credit makes an opportunistic return to the international bond markets with an aggressively priced but highly popular deal.

China Oil & Gas bond pipes into strong demand

China Oil Gas Group returned to international bond markets a second time on Monday with an opportunistic $300 million bond that met with strong investor interest despite unprecedented tight pricing.

The capped so-called 5.5-year non-call three bond was launched with guidance around the 5.375% area by joint global coordinators Deutsche Bank and JP Morgan. Morgan Stanley was also on the joint books.

After garnering orders totaling $2 billion by lunchtime, the leads...

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