Petronas said in a statement the notes were priced at 85 basis points over the seven-year US Treasury paper to yield 2.112%.

It said the issuance marks the first corporate bond issued by wholly owned subsidiary Petronas Energy Canada Ltd, which focuses on the development and production of oil and natural gas in Canada.

“Proceeds will be utilised by (the subsidiary) to fund its continued development and production activities, debt refinancing and for general corporate purposes,” the statement added.

Petronas said the bond offering drew strong market demand throughout the bookbuilding process.

The notes are expected to settle next Tuesday and will be listed on the Hong Kong Stock Exchange.

BofA Securities was the sole global coordinator for the offering, while Citigroup, HSBC and ScotiaBank were joint bookrunners.