But don't miss this bit, Bloomberg today:
"CNOOC Ltd., China's third-biggest oil company, will borrow $7 billion from its state-owned parent at below-market interest rates to finance an $18.5 billion bid for Unocal Corp. that topped an offer by Chevron Corp.
The parent company, China National Offshore Oil Corp., will give CNOOC a 30-year loan of $4.5 billion at a rate of 3.5 percent, Chief Financial Officer Yang Hua said. The parent also provided a $2.5 billion, no-interest bridge loan, Yang said. The yield on a 30-year U.S. Treasury bond is 4.2 percent."
Obviously something important is changing.
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