Slick return for China Oil & Gas with 11x covered bond

Refinery pipes 230x150
By Rev Hui
04 Nov 2014

Piped gas operator China Oil and Gas Group made a memorable return to the debt market on November 3 with a $300m-capped bond that was more than 11 times subscribed. With such a huge order book, the issuer was able to take advantage to price through its existing dollar curve.

A fairly new issuer, China Oil and Gas made its debut in April 2013 when it raised $350m with a 5.25% five year trade that was arranged by Deutsche Bank and Morgan Stanley.

The company has stayed away from the debt market ever since that bond, although it ...

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