Shearman & Sterling represented the joint lead managers in connection with CNPC Global Capital Limited’s offering of $600 million 1.125% bonds due 2023, $900 million 1.350% bonds due 2025 and the $500 million 2% bonds due 2030, irrevocably and unconditionally guaranteed by China National Petroleum Corporation (CNPC). This deal is CNPC's first offshore bond offering within the last five years.
Citigroup Global Markets Limited, ICBC International Securities Limited, Industrial and Commercial Bank of China (Asia) Limited, Bank of China Limited, BOCI Asia Limited, J.P. Morgan Securities plc, Société Générale, Standard Chartered Bank, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities Asia Limited, DBS Bank Ltd., Crédit Agricole Corporate and Investment Bank, CCB International Capital Limited, China Construction Bank (Asia) Corporation Limited, UBS AG Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited, CLSA Limited and Merrill Lynch (Asia Pacific) Limited acted as joint lead managers of the offering.
CNPC is one of China’s key stated-owned enterprises under the direct supervision of State-owned Assets Supervision and Administration Commission of the State Council and is one of China’s primary oil and gas producers and suppliers. CNPC was ranked fourth in the “Fortune Global 500” in 2019 in terms of revenues and ranked second in the “Fortune China 500” in 2019 in terms of revenues.