CNOOC: a super major for the international bond markets

A new deal by the E&P giant is a magnification of last year''s successful international bond markets debut.

CNOOC returned to the international bond markets for the first time in just over a year late Wednesday New York time with a hugely oversubscribed offering that even managed to surpass the incredible success of the company's debut deal of March 2002.

After a 20 hour accelerated bookbuild and no formal roadshows, the Baa1BBB rated credit amassed an order book of $7 billion and oversubscription rate of 14 times. This was nearly double the $4.3 billion in demand it garnered from its previous offering, which has outperformed its peers in the year since launch.

The new deal, which encompassed 10 and 30-year tranches, has also set a number of new...

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