Petronas, the state-owned Malaysian oil multinational, has returned to the market for the first time since 1999 with a record-breaking three-tranche debt offering that totalled $2.675 billion.
The combined size of the Baa1-rated deal, launched in New York, makes it the largest ever bond issue by an Asian corporate outside of Japan, narrowly eclipsing Singapore Telecom’s $2.3 billion issue of November 2001. The offering included a $1.3 billion 10-year tranche, a $750 million 20-year tranche, and a e750 million ($684.6
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