Kuala Lumpur: Asia’s second-largest dollar bond issue was concluded today to muted applause. Malaysian energy giant Petronas’s $5bn deal was up to $2bn lower than analysts had expected, symptomatic of the sorry state of global oil prices.
It was Petronas’s first international money raising exercise in just over five years.
The A1/A rated multi-tranche note includes both Islamic and conventional structures
At the end of February, Petronas, whose assets include shipping line MISC, said it would cut its investment plans by up to RM30bn ($8.3bn) in the next two years following the shock news of its first-ever quarterly loss.
