By Christine Van Dusen
Atlanta, March 12 – Malaysia’s Petroliam Nasional Bhd. (Petronas) released details on the $5 billion of notes due in five, seven, 10 and 30 years that priced on Wednesday, a market source said.
The deal included $1.25 billion five-year Islamic bonds that priced at par to yield 2.707%, or Treasuries plus 110 basis points, after talk of a 135 bps spread. On Wednesday the company dropped the sukuk tranche, then added it back.
The $750 million 3 1/8% seven-year notes priced at 99.39 to yield Treasuries plus 130 bps, following talk of a 150 bps spread.
The $1.5 billion 3˝% 10-year notes priced at 99.125 to yield Treasuries plus 150 bps, following talk of a 175 bps spread.
And the $1.5 billion 4˝% 30-year notes priced at 98.767 to yield Treasuries plus 190 bps, following talk at 220 bps over Treasuries.
BofA Merrill Lynch, CIMB and Deutsche Bank were the bookrunners for Regulation S deal.
The Kuala Lumpur-based issuer is Malaysia’s state oil company.
| Issuer: | Petroliam Nasional Bhd. (Petronas)
|
| Amount: | $5 billion
|
| Bookrunners: | BofA Merrill Lynch, CIMB, Deutsche Bank
|
| Trade date: | March 11
|
| Settlement date: | March 18
|
| Distribution: | Regulation S
|
| Expected rating: | Moody’s: A1
|
| Standard & Poor’s: A-
|
|
|
| Notes due 2020
|
| Amount: | $1.25 billion
|
| Maturity: | March 18, 2020
|
| Coupon: | 2.707%
|
| Price: | Par
|
| Yield: | 2.707%
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 135 bps
|
|
|
| Notes due 2022
|
| Amount: | $750 million
|
| Maturity: | March 18, 2022
|
| Coupon: | 3 1/8%
|
| Price: | 99.39
|
| Spread: | Treasuries plus 130 bps
|
| Price talk: | Treasuries plus 150 bps
|
|
|
| Notes due 2025
|
| Amount: | $1.5 billion
|
| Maturity: | March 18, 2025
|
| Coupon: | 3˝%
|
| Price: | 99.125
|
| Spread: | Treasuries plus 150 bps
|
| Price talk: | Treasuries plus 175 bps
|
|
|
| Notes due 2045
|
| Amount: | $1.5 billion
|
| Maturity: | March 18, 2045
|
| Coupon: | 4˝%
|
| Price: | 98.767
|
| Spread: | Treasuries plus 190 bps
|
| Price talk: | Treasuries plus 220 bps
|
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