petronas-launches-45-billion-jumbo-bond

Petronas launches $4.5 billion jumbo bond

Malaysia's state-owned oil company Petronas raises the stakes for Asian borrowers by issuing five-year sukuk and 10-year conventional bonds that attract orders worth nearly $20 billion.

Petronas Petroliam Nasional Bhd has upped the stakes for Asian borrowers in the international capital markets with a $4.5 billion two-tranche deal, split between 10-year conventional notes and five-year sukuk certificates.

It was the second largest international issue from an Asian ex-Japan borrower since Hutchison Whampoa's $5 billion deal in 2003, and the sukuk tranche matched the biggest ever Islamic bond-like issue by Dubai Ports in 2007.

The 144A transaction attracted huge demand from investors worldwide, with an order book amounting to nearly $20 billion, and more than 500 investors receiving allocations by yesterday afternoon. It was priced late on Wednesday, New York time.

The $3 billion 10-year notes...

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