Two Chinese state-owned energy giants have sold a combined $2.58 billion in bonds, helping to push issuance in Asia this week to the highest level since mid-May.
Two Chinese state-owned energy giants have sold a combined $2.58 billion
in bonds, helping to push issuance in
Asia
this
week to the highest level since mid-May.
A total of $5.9 billion has been raised this week in bond sales denominated in
dollars, euros and yen in
Asia
excluding
Japan
, the
most since $8.1 billion was raised the week of May 13, according to data
provider Dealogic.
China National Offshore Oil Corp., or Cnooc Group, raised $1.98 billion in the
biggest debt offering in Asia ex-Japan since May 22, the day the U.S. Federal
Reserve sparked big outflows from emerging markets by indicating that it was
preparing to wind down its monetary stimulus.
Cnooc Group, parent company of offshore oil producer Cnooc Ltd., on Thursday
sold a $1.3 billion U.S. dollar bond with 10-year maturity at a yield of 4.5%,
or 1.85 percentage points above the yield on the 10-year U.S. Treasury. The
yield fell slightly in trade on Friday, reflecting strong demand in the
secondary market. Bond prices move inversely to yields.
The group also sold a $675 million euro-denominated bond with a coupon of
2.75%, another term sheet showed.
Part of the proceeds will be used to finance its acquisition of Project Curtis,
a natural gas project in
Queensland
,
Australia
,
according to the term sheets. Bank of China Ltd., Goldman Sachs Group Inc.,
JPMorgan Chase & Co. and UBS AG were joint global coordinators.
Meanwhile, China General Nuclear Power Corp. on Thursday sold a $600 million
dollar-denominated bond with a maturity of five years, according to a separate
term sheet. The yield was 3.643%. HSBC, JPMorgan and China Development Bank
were global coordinators.
A number of other companies have sold bonds this week following a recent
recovery in emerging-market assets and a decline in U.S. Treasury yields. Among
them were Bangkok Bank, which sold a $1 billion bond, and BHP Billiton Ltd.,
which issued a blockbuster $5 billion bond.
Chinese property developer Yuzhou Properties Co. is selling a five-year,
high-yield bond on Friday. The company plans to offer a yield of around 9%, and
the bond carries provisional ratings of B and B2 by Standard & Poor's and
Moody's, respectively, according to a term sheet seen by The Wall Street
Journal.
The proceeds will be used to refinance existing debt, though the size of the
issue is yet to be determined, the term sheet said.
BOC International, DBS Group Holdings Ltd., Deutsche Bank AG, HSBC Holdings Plc,
JPMorgan and UBS are arranging the transaction.
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