Published on 4/9/2013 in the Prospect News Emerging Markets Daily.
New Issue: China's CNPC prices $2 billion three-tranche issue due in 2016, 2018, 2023
By Christine Van Dusen
Atlanta, April 9 - China National Petroleum Corp. priced a three-tranche issue of $2 billion of notes due on April 16, 2016, 2018 and 2023 (A1/A+/A+), a market source said.
The deal included $750 million of 1.45% notes due in 2016 that priced at 99.898 to yield 1.485%, or Treasuries plus 115 basis points. The notes were talked at a spread in the 120 bps area.
The second tranche totaled $500 million of 1.95% notes due in 2018 that priced at par to yield 1.95%, or Treasuries plus 125 bps. The notes were talked at a spread in the 130 bps area.
The third tranche - $750 million of 3.4% notes due in 2023 - priced at 99.966 to yield 3.404%, or Treasuries plus 165 bps, after being talked at a spread in the 170 bps area.
Citigroup, ICBC, Barclays, BOCI, BofA Merrill Lynch, Credit Agricole, Deutsche Bank, HSBC, JPMorgan, Morgan Stanley and Standard Chartered were the bookrunners for the Rule 144A and Regulation S deal.
CNPC is a government-owned oil and gas company based in Beijing.
| Issuer: | China National Petroleum Corp.
|
| Amount: | $2 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, ICBC, Barclays, BOCI, BofA Merrill Lynch, Credit Agricole, Deutsche Bank, HSBC, JPMorgan, Morgan Stanley, Standard Chartered
|
| Trade date: | April 9
|
| Settlement date: | April 16
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Distribution: | Rule 144A/Regulation S
|
|
|
| Amount: | $750 million
|
| Maturity: | April 16, 2016
|
| Coupon: | 1.45%
|
| Price: | 99.898
|
| Yield: | 1.485%
|
| Spread: | Treasuries plus 115 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
| Amount: | $500 million
|
| Maturity: | April 16, 2018
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Yield: | 1.95%
|
| Spread: | Treasuries plus 125 bps
|
| Price talk: | Treasuries plus 130 bps area
|
|
|
| Amount: | $750 million
|
| Maturity: | April 16, 2023
|
| Coupon: | 3.40%
|
| Price: | 99.966
|
| Yield: | 3.404%
|
| Spread: | Treasuries plus 165 bps
|
| Price talk: | Treasuries plus 170 bps area
|
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