Investors flock to HPCL-Mittal 10-yr dollar debut

The joint venture between HPCL and steel tycoon Lakshmi Mittal draws impressive $1.5 billion order book, allowing debut issuer to increase the size of the bond to $375 million.

Indian refiner HPCL-Mittal Energy ventured into the international bond markets for the first time this week, selling an upsized $375 million 10-year bond in a relatively stable market.

The BB rated issuer is a joint venture between Hindustan Petroleum Corporation Ltd. HPCL and ArcelorMittal’s controlling shareholder and steel tycoon, Lakshmi Mittal, with 49% held by each. The remaining 2% is held by financial institutions.

Bankers said the size of the maiden US dollar sale was lifted to $375 million from an original target of $300 million, after bumper demand from institutional investors on Monday. As the day progressed, yields on the 10-year and...

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