CNOOC Planned Global Dollar Bond Likely up to $4B in Size

CNOOC Ltd., China's largest offshore oil producer by volume, is planning to sell a global dollar bond worth up to $4 billion, a person familiar with the matter said Wednesday.

The bond--which is due to be issued by the state-run company's subsidiary CNOOC Finance (2013) Ltd.--would have three-year, five-year, 10-year and 30-year tranches, the person said.

CNOOC and its parent China National Offshore Oil Corp. have been the most aggressive among China's oil giants in terms of acquiring overseas shale gas and oil assets. Since 2011, the two have spent over $24.8 billion on overseas upstream assets, mostly in Africa, Australia and Canada. In February, CNOOC Ltd. completed its acquisition of Canada's Nexen Inc.

CNOOC has hired Bank of America Merrill Lynch, Bank of China, CICC HK Securities, Citi, Credit Suisse, Goldman Sachs, JP Morgan and UBS as bookrunners, the person said, adding that the offering was provisionally rated Aa3 by Moody's Investors Service and AA-minus by Standard & Poor's Ratings Services.


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