As part of its spin-off, Conoco needed to raise $4.8 billion to repay DuPont. Conoco senior management used a large benchmark global bond offering to convey Conoco's strategy to the widest possible fixed income investor universe, establishing Conoco as a preeminent credit and oil company.

The deal, which was joint lead managed by CSFB, came to market during the worst cyclical lows for commodity prices in several years, when investors were turning bearish on energy credits. Conoco benefited from a positive interest rate environment and was able to capture historically attractive Treasury rates. The company's marketing strategy, timing and solid business plan resulted in the deal, which was five times oversubscribed, being upsized to $4 billion from an initial $3 billion, priced at 3-12 basis points through the initial price talk and placed with some 300 investors internationally.

The Conoco transaction was the largest energy bond ever executed, and became the benchmark for the energy sector and the market in general.