CNPC dim sum

CNPC dim sum bond reflects new pricing levels

China National Petroleum Corp has to pay up to print a Rmb3 billion debut dim sum bond as pricing in the market favours investors.
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CNPC's headquarters in Beijing
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<div style="text-align: left;"> CNPC's headquarters in Beijing </div>

State-owned fuel producer China National Petroleum Corp CNPC had to pay up to attract investors early yesterday morning when it tapped the market with a debut Rmb3 billion $470 million dual-tranche offshore renminbi bond.

The Rmb2.5 billion two-year bonds pay a 2.55% coupon and were reoffered at 99.903 to yield 2.60% to October 26, 2013, while the Rmb500 million three-year bonds pay a 2.95% coupon and were reoffered at 99.857 to yield 3% to October 26, 2014. The deal gathered an Rmb8.7 billion order book from 93 investors.

Rivals were surprised that CNPC, which is a strong credit and enjoys good name recognition, had to pay...

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