Petronas makes rare dollar outing for $6bn jumbo bond

By Morgan Davis
15 Apr 2020

Malaysian oil and gas company Petroliam Nasional (Petronas) made its mark on the dollar bond market on Tuesday, raising $6bn from a deal that received orders of $37bn at its peak. This was despite a ratings outlook change to negative this week and headwinds from the Covid-19 pandemic and volatile oil prices.

The A2/A-/A- rated borrower is rarely seen in the offshore market. It last sold a dollar bond in 2015. But as a highly rated credit that is wholly owned by the Malaysian government, Petronas was a magnet for investors looking to get exposure to the company.

"There was ...

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