KUALA LUMPUR, April 15 (Bernama) — PETRONAS successfully priced a US$6 billion multi-tranche senior bond offering, comprising US$2.25 billion 10-year, US$2.75 billion 30-year and US$1 billion 40-year conventional notes.
The 10-year conventional notes were priced 290 bps over the 10-year treasury to yield 3.65%, the 30-year conventional notes were priced to yield 4.55% and the 40-year conventional notes were priced to yield 4.80%. There were robust demands for the bonds with the order books reaching US$37 billion at the time of pricing, which was one of the largest order books by an Asian issuer ever. The 6.2x oversubscription ratio reflects the market’s confidence in PETRONAS’ credit strength which was recently affirmed at A2 by Moody’s and A- by S&P, both with stable outlooks.
