GC
State Grid hit by oversupply but still prices through CNOOC
State Grid Corporation of China launched a triple tranche $3.5bn deal on Monday. While the 10 and 30 year tranches priced inside the curve of China National Offshore Oil Corporation (CNOOC), the deal nonetheless suffered from investor fatigue as the market struggled to digest the $9.5bn already raised by Chinese state owned enterprises this month.
The new transaction came on the heels of a $4bn three tranche deal from CNOOC last Wednesday and a $500m five year issue from Sinochem the day before. On April 2, Sinopec printed a $5bn five tranche bond, the largest from an Asian
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