National oil firm Petronas said today it has completed the largest ever global bond issue by an Asian corporation to raise RM10 billion (US$2.675 billion).

In its first return to the market since 1999, Petroliam Nasional Bhd (Petronas) said its unit Petronas Capital Ltd launched its first global multi-currency debt offering in New York on Monday.

The original offering was for a US1 billion 10-year tranche and a 500 million euro seven-year tranche.

"International fixed income investors responded overwhelmingly towards the issue and placed orders amounting to around seven billion dollars equivalent," Petronas said in a statement.

The size of the issue was increased to RM4.9 billion (US$1.3 billion) and to 750 million euros. A RM2.6 billion (US$700 million) 20-year tranche was also introduced as a result of the strong demand, it said.

The bulk of the US-dollar tranches was sold in North America followed by Asia while the euro tranche - the largest ever euro offering by an Asian issuer - was mainly sold in Asia, Europe and the Middle East.

Petronas said proceeds from the bonds would be used to finance the group's international projects.