Cnooc bond

Cnooc's undersized 30-year bond attracts huge interest

Cnooc, a state-owned Chinese oil company, draws $17 billion of demand for its 10- and 30-year bonds, but leaves investors clamouring for more after refusing to upsize the popular longer-dated tranche.
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CNOOC disappoints investors with small 30-year bond
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<div style="text-align: left;"> CNOOC disappoints investors with small 30-year bond </div>

Chinese offshore oil and gas company Cnooc closed a $2 billion dual-tranche bond early on Thursday morning, amassing the biggest order book ever generated for a Chinese company in the international bond markets.

Cnooc is a high-quality borrower, rated Aa3 by Moody’s and AA- by Standard Poor’s, which is on par with China’s sovereign ratings and, as such, investors were clamouring for its paper. The deal attracted a total of $17 billion worth of orders from investors, with the 10-year tranche attracting $7.5 billion of demand and the 30-year tranche attracting $9.8 billion of demand.

However, despite the mammoth demand for the longer tranche, the issuer...

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