CNOOC retails $3.8b triple-tranche bond

Chinese oil and gas major taps Asia’s bond markets while US Treasury yeilds remain low and pending the outcome of the Fed's two-day policy meeting.

China National Offshore Oil Corporation sold a $3.8 billion triple-tranche debt offering early Wednesday morning, tapping a window of opportunity ahead of the outcome of the Fed’s policy meeting.

Rated Aa3AA-, the world’s largest offshore oil and gas producer’s latest SEC-registered offering consists of a $1.5 billion five-year bond, $2 billion 10-year note and $300 million 30-year paper, according to a term sheet seen by FinanceAsia.

The five-, 10- and 30-year tranches priced at Treasuries plus 128 basis points, 160bp and 149.6bp respectively, are approximately 20bp tighter than their initial price guidance areas. The five- and 30-year notes were issued by...

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