UPDATE: CNPC Tightens Bond Spreads On $1.15 Billion US Deal

Date : 04/12/2012 @ 12:51PM
Source : Dow Jones News
Stock : Citigroup, Inc. (C)
Quote : 72.92  0.0 (0.00%) @ 8:11AM
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UPDATE: CNPC Tightens Bond Spreads On $1.15 Billion US Deal

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NEW YORK (Dow Jones)--China National Petroleum Corp. is selling $1.15 billion of bonds in a two-part sale to the U.S. debt markets Thursday.

The state-owned company is offering investors 1.85 percentage points over Treasurys on a five-year tranche and 1.90 points over Treasurys on a 10-year tranche, according to launch terms. The offered yields on both maturities have dropped 0.20 points from original pricing guidance, indicating strong demand.

An investor familiar with the deal said underwriters received more than triple the needed amount to sell the bonds.

This is only the second CNPC deal ever in the U.S. markets, following a $1.85 billion deal in April 2011, according to Dealogic.

Citigroup Inc. (C) and ICBC International Holdings, a Hong Kong investment-banking subsidiary of Industrial & Commercial Bank of China Ltd. (IDCBY, 601398.SH), are lead bookrunners on the transaction, with support from at least nine other banks.

The bonds are rated A1 by Moody's Investors Service and an equivalent A-plus by Standard & Poor's and Fitch Ratings.

S&P noted its rating reflects the "extremely high" likelihood that the government of China would provide timely and sufficient support in the event of financial distress.

CNPC is one of three wholly state-owned oil companies in China.

-By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

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