ONGC issues rare dollar bond to repay bridge loan

Asian borrowers are turning to bonds to fund offshore acquisitions, with ONGC being the latest to jump on the bandwagon.

ONGC issues rare dollar bond to repay bridge loan
ONGC is funding an acquisition in Azerbaijan

India’s national oil company Oil and Natural Gas Corp ONGC issued a rare $800 million dual-tranche bond on Monday night. The proceeds will be used to refinance a bridge loan taken for its acquisition of a stake in energy assets in Azerbaijan from New York-based Hess.

ONGC is 69%-owned by the Indian government and a rare name in debt markets. According to Dealogic, it has not issued a dollar bond since 1995.

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