COSL (China Oilfield Services Limited), and its parent company, China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil producer, have issued corporate bonds on the mainland market.
The 15-year bonds have an interest rate of 4.48% and have been classified as "AAA", the highest rating, by the Dagong Global Credit Rating. They were issued four days before the central bank announced a rise in interest rates and took four days to sell out.
CNOOC, the third big oil corporation and biggest offshore oil and gas producer in China, reported 120.8 billion yuan ($15.8 billion) in sales revenue and 48.1 billion yuan ($6.3 billion) in profit last year. Its daily oil and gas output grew by 5.1% in the first quarter year-on-year to 473,280 barrels of oil equivalent.
COSL reported a 32.9% rise in revenue from 2005's 4,789 million yuan ($626 million) to last year's 6,365 million yuan ($832 million). Its market value surged by 74% from 12.4 billion HK dollars ($1.6 billion) in 2005 to last year's 21.6 billion HK dollars ($2.8 billion).
The 15-year bonds have an interest rate of 4.48% and have been classified as "AAA", the highest rating, by the Dagong Global Credit Rating. They were issued four days before the central bank announced a rise in interest rates and took four days to sell out.
CNOOC, the third big oil corporation and biggest offshore oil and gas producer in China, reported 120.8 billion yuan ($15.8 billion) in sales revenue and 48.1 billion yuan ($6.3 billion) in profit last year. Its daily oil and gas output grew by 5.1% in the first quarter year-on-year to 473,280 barrels of oil equivalent.
COSL reported a 32.9% rise in revenue from 2005's 4,789 million yuan ($626 million) to last year's 6,365 million yuan ($832 million). Its market value surged by 74% from 12.4 billion HK dollars ($1.6 billion) in 2005 to last year's 21.6 billion HK dollars ($2.8 billion).