CNPC dim sum bond reflects new pricing levels

China National Petroleum Corp has to pay up to print a Rmb3 billion debut dim sum bond as pricing in the market favours investors.

CNPC dim sum bond reflects new pricing levels

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...

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