IOC bond

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 on raising the federal debt limit, prompting fears that the US could miss a debt payment, while ratings agency Moody’s had also downgraded Greece by three notches from Caa1 to Ca, sending credit spreads 3bp...

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