CNPC pushes out $2 billion bond to fund offshore forays

China's biggest oil company hits offshore markets with a triple tranche deal and is warmly welcomed by investors despite Fitch's China downgrade.

China National Petroleum Corp (CNPC), the country’s biggest oil company, closed a $2 billion triple-tranche US dollar bond early Wednesday morning The company was wading into offshore debt markets for the third time and attracted a warm welcome from investors

According to the prospectus, the proceeds will be used for its overseas operations Investors expect proceeds from the debt raising to fund CNPC’s overseas M&A activities — an area in which the Chinese oil firm has certainly been active

CNPC, one of China’s key state-owned enterprises, last month inked a $4 2 billion deal to buy a 20% stake in a Mozambique offshore natural gas field from Italian oil company Eni

The company started marketing...

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