BP's (NYSE:BP) funding unit BP Capital Markets surpassed original expectation of issuing between $2 billion and $3 billion in bonds, with large demand driving the total up to $3.5 billion.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
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