Short end fair, long end cheap: investors size up Petronas $7bn whopper

Investors are seeing good value in the long dated tranches of a landmark $7bn four tranche bond and sukuk deal from Malaysia’s state oil and gas company Petroliam Nasional (Petronas), which opened books on Wednesday morning. If the issuer gets the trade away at its target size, the deal will be the second largest in dollars from Asia ex Japan.