Malaysia's petronas drove a hard bargain last week on its first offering of US dollar bonds since 2009, choosing to pull its curve tighter rather than meet its fundraising target. The government-owned oil producer raised US$5bn across four tranches of notes at maturities of five to 30 years, all priced inside its secondary curve. While the pricing underlined investors' confidence in the rare issuer, Petronas fell short of its fundraising target of as much as US$6bn-$7bn, as worries over Malaysia's finances amid falling oil prices and a restructuring of debt-laden state investment arm 1mdb raised concerns among bond investors.
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