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China private oil firms hit by SOE probes

Published Fri, Jan 30, 2015 · 09:50 PM
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Singapore

CHINA'S private oil service companies are paying the price in the bond market for graft probes involving state energy giants.

The yield on the 2018 US dollar- denominated bonds of Anton Oilfield Services Group Ltd, which helps drill oil wells, has almost doubled to 25 per cent this year. The yield on the 2019 notes of Honghua Group Ltd, the world's largest land rig maker, jumped to a record 34.3 per cent this month. That contrasts with the 44 basis point decline to 3.39 per cent for the 2024 securities of state-owned CNOOC Ltd, China's biggest offshore oil and gas producer.

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