CNOOC (CEO.NYSE, 0883.HK) said it will issue bonds to international institutional investors to raise funds for "general corporate purposes," the Wall Street Journal reported. The company will issue an as-yet undisclosed amount of 10- and 30-year bonds in what analysts said was a move to shore up capital following significant outlays. In November, CNOOC said its Bridas joint venture with Argentina’s Bridas Energy Holdings had bought BP’s (BP.NYSE, BP.LSE) 60% stake in Pan American Energy for US$7.06 billion, giving it complete ownership of the Latin American energy firm. Sources familiar with that deal said CNOOC would fund it with the help of bank loans of up to US$1.5 billion in Hong Kong. CNOOC is the latest in a string of Chinese firms to attempt to raise funds through the overseas bond markets as domestic liquidity is tightened.
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