Indian Oil issues $500 million debut five-year bond

Asia's first corporate bond issue this year is expected to be followed as early as this week by a Vietnam sovereign, while Evergrande Real Estate and PT Cikarang Listrindo are also on the road.

Indian Oil issues $500 million debut five-year bond
An oil refinery at dawn

Indian Oil Corporation IOC early Friday morning completed the sale of its first international bond, following a three-day roadshow through Singapore, Hong Kong and London. Arrangers for the $500 million Reg-S issue were Deutsche Bank, HSBC and Standard Chartered, which secured a total order book of $6.5 billion from 275 investor accounts.

The issue pays a coupon of 4.75% and was re-offered at 99.692 to yield 4.82% to a maturity date of January 22, 2015. The price equalled a...

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