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...