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Article: United States : Petronas dollar bonds fall on US$4.5bil surprise.
- Article from:
- TendersInfo
- Article date:
- August 8, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
PETROLIAM Nasional Bhd s dollar bonds fell in their first day of trading after Malaysia s state-owned oil company surprised investors by increasing the size of its sale by 80%.
The yield on Petronas 5.25% bonds due August 2019 widened to 165 basis points more than US government debt of similar maturity, from 162.5 on Thursday when the company sold a total of US$4.5bil of debt, the biggest dollar issue by an Asian company outside Japan this year, according to data compiled by Bloomberg.
Bond prices move inversely to yields.
There are some mispricings out there, Scott Bennett, head of credit at Aberdeen Asset Management ...