Investors said to place $20B-plus in orders for Cnooc bonds

|By:, SA News Editor

Investors are lining up for Cnooc's (CEO -1.8%) sale of dollar-denominated bonds, placing more than $20B in orders for a deal expected to total ~$4B, WSJ reports.

Cnooc reportedly is selling bonds with maturities of three, 10 and 30 years, and seeks to set coupons for these bonds at 1.05, 1.85 and 1.70 percentage points above comparable U.S. Treasurys.

Proceeds would be used to help repay loans related to Cnooc's $15B purchase of Canadian oil sands operator Nexen last year.