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 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 tightened guidance to a range of 5% to 5.125% before closing the order book at the end of the Asian trading day.

By this point investors had placed orders totaling $3.4 billion,...

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