IOC pulls trigger on bond despite US debt jitters

Indian Oil Corp ignores worries over a possible US debt default and successfully prices a $500 million 10-year bond.

Indian Oil Corp IOC found a window of opportunity early yesterday morning to successfully price a $500 million 10-year bond, in spite of weak financial markets. The deal was the company’s debut 10-year international bond.

IOC conducted roadshows in Singapore, Hong Kong and London, finishing on July 20, but held off launching the deal for a few days. Global macroeconomic conditions were far from sanguine on Monday as US lawmakers failed to reach an agreement...

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