China National Petroleum launches $1.85 billion offering of notes due 2016, 2021, 2041

By Christine Van Dusen

Atlanta, April 20 - China National Petroleum Corp. launched a $1.85 billion offering of notes due 2016, 2021 and 2041 via seven bookrunners, a market source said.

The $700 million tranche of five-year notes was launched at a spread of Treasuries plus 123 basis points after being talked at the Treasuries plus 120 bps to 125 bps area.

The $652 million tranche of 10-year notes was launched at Treasuries plus 138 bps, below talk of Treasuries plus 140 bps.

And the $500 million tranche of 30-year notes - which were talked at Treasuries plus 165 bps - launched at Treasuries plus 163 bps.

Citigroup, Standard Chartered, ICBC, BOCI, Merrill Lynch, Deutsche Bank and HSBC are the bookrunners for the Rule 144A and Regulation S notes.

Moody's Investors Service has assigned an A1 rating to guaranteed senior dollar-denominated notes to be issued by CNPC (HK) Overseas Capital Ltd., a special purpose vehicle indirectly owned by China National Petroleum. Standard & Poor's has assigned an A+ rating to the notes.

China National Petroleum is an oil and gas supplier based in Beijing.

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