Oil majors barrel into 'biggest test of liquidity yet'

Oil pump adobe stock
By Mike Turner
02 Apr 2020

Oil firms burst into the corporate bond market on Thursday with BP, Royal Dutch Shell and OMV opening books on multi-tranche trades, as comments from US president Donald Trump sent oil prices rocketing.

All three issuers were out with four, eight and 12 year tranches in benchmark size.

“I don’t think there will be a problem in the market digesting them,” said a syndicate banker away from the transactions, “but this feels like the biggest test of liquidity yet”.

Liquidity has not ...

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