Indian Oil sets benchmark with jumbo bond sale

Limited supply has caused fixed income investors to pile into the oil refining company’s $900 million dollar bond – the country's largest non-bank issue in over three years.

Indian Oil sets benchmark with jumbo bond sale

State-backed oil producer Indian Oil has completed the largest dollar bond issue by a non-bank Indian corporation in more than three years to raise working capital.

Some bond traders described the new issue on Thursday as opportunistic given that it was executed on the back of a 30% fall in global crude oil prices over the last three months. Indian Oil, which owns nearly half of the country’s oil refineries, is a clear beneficiary.

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