Petronas re-opens and closes 10 and 20 year bonds

The Malaysian oil company shows why it is master of the Asian bond universe following the pricing last night of a two-tranche bond issue.

An increased $700 million 10-year tranche and $250 million 20-year tranche were priced during New York hours yesterday Thursday by lead managers Morgan Stanley and Salomon Smith Barney. The two re-openings follow a $2.73 billion three-tranche deal in March, which marked Asia's largest-ever corporate bond offering and bring the overall sizes of the 10- and 20-year tranches up to $2 billion and $1 billion respectively.

Pricing of the 10-year tranche came at 107.74% to yield 5.923% or 196bp over Treasuries. This was at the tight end of a revised 196bp to 198bp indicative range and flat to 2bp through the existing curve, which was hovering around the 197bp195bp level.

Pricing of the 20-year tranche...

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