Petrotrin to raise US$850M on bond market

A report from London by the Reuters news agency says Trinidad and Tobago's state-owned oil company Petrotrin could raise up to US$850 million through the sale of 10-year EUROBONDS bonds next week.

It said its source is a fund manager who it quotes as saying the benchmark deal is set to launch next week following investor meetings in the United States and London.

"Within their capital expenditure band, they could raise anything between $500-850 million," Reuters reported the fund manager as saying.

The news agency said the early talk is that the yield could be around 10 per cent, depending on market response.

Investor meetings for the bond, arranged by Credit Suisse and JPMorgan, started in New York on Wednesday and will continue in Boston Thursday and Los Angeles on Friday.