Genel energy last Thursday printed a US$500m senior unsecured 2019 bond issue at 7.50%. The size was US$100m more than was originally targeted. The amount raised and price paid raised the eyebrows of one analyst given that the deal was sold on an unsecured basis, "particularly if we consider the recent performance of the ShaMaran Petroleum and Gulf Keystone [down four points from issuance already] bonds, along with the production and export difficulties faced by more established producers such as Dana Gas and Taqa in the Kurdistan region".
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