BP goes wide but prices tight in second dim sum bond
BP received a jumbo book for its offshore renminbi bond after providing juicy initial guidance for the five year deal over Total’s offshore renminbi notes that priced three weeks ago.
The leads announced initial price guidance at 4.25%, or 50bp over Total’s dim sum notes at the time of the deal, to account for the fact that BP was rated two notches below Total on the Moody’s scale.
The Reg S deal attracted Rmb1bn ($163.3m) in the first
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