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,...