COSL’s juicy pick-up brings in $9bn bond bid
China Oilfield Services (COSL) paid a 20bp premium over its parent China National Offshore Oil Corp (CNOOC) on its first foray into the international bond market last week, helping the issuer attract nine times the demand it needed to price a $1bn transaction.
The bond was priced at 170bp over Treasuries, the tight-end of final price guidance, said bankers in the deal. CNOOCs outstanding $1.5bn 3.875% May 2022 bond was trading at around 150bp over Treasuries when the deal was launched on Thursday, they said.
Investors were excited about the yield pick-up
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