date:May 22, 2014
billion, one-year tranche and 135bps on the $2.2 billion, five-year tranche.
That price has only been bettered by a $2 billion, one-year loan for Aa3-rated, state-owned oil and gas firm CNOOC, which paid 75bps in February.
COFCO's new one-year tranche has no fee and the five-year tranche offers fees that give all-in pricing of below 150bps.
At least eight relationship banks have been invited to join the deal and can choose to join only the five-year tranche or both tranches.
MIXED RESPONSE