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 MA 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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222