By Mary-Katherine Stinson
Lexington, Ky., Jan. 26 – CNPC Global Capital Ltd. priced RMB 1 billion of 2.6% guaranteed bonds due Jan. 25, 2026 (A+) at par, according to a notice.
The bonds are guaranteed by China National Petroleum Corp.
The securities are callable at par due to taxation reasons or due to a non-registration event. They will also be putable at par upon a change of control.
Joint lead managers are Bank of China Ltd. and Bank of China (Hong Kong) Ltd., Citigroup Global Markets Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, HSBC Ltd., Industrial and Commercial Bank of China (Asia), China Construction Bank (Asia) Corp. Ltd., China Securities (International) Corporate Finance Co. Ltd., Standard Chartered Bank, ABCI Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Citic Securities.
Proceeds will be used for general corporate purposes.
CNPC is a government-owned oil and gas company based in Beijing. The issuer is a wholly owned subsidiary of China Petroleum HongKong (Holding) Ltd. and was incorporated with limited liability in the British Virgin Islands.
| Issuer: | CNPC Global Capital Ltd.
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| Guarantor: | China National Petroleum Corp.
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| Amount: | RMB 1 billion
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| Issue: | Bonds
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| Maturity: | Jan. 25, 2026
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| Joint lead managers: | Bank of China Ltd. and Bank of China (Hong Kong) Ltd., Citigroup Global Markets Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, HSBC Ltd., Industrial and Commercial Bank of China (Asia), China Construction Bank (Asia) Corp. Ltd., China Securities (International) Corporate Finance Co. Ltd., Standard Chartered Bank, ABCI Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Citic Securities.
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| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Davis Polk & Wardwell (English and Hong Kong law), JunHe LLP (Chinese law) and Ogier (Virgin Islands law)
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| Counsel to underwriters: | Linklaters (English and Hong Kong law) and King & Wood Mallesons (Chinese law)
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| Coupon: | 2.6%
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| Price: | Par
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| Yield: | 2.6%
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| Change of control: | At par
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 25
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| Rating: | S&P: A+
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| ISIN: | HK0000980174
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