Indian Oil Corporation IOC early Friday morning completed the sale of its first international bond, following a three-day roadshow through Singapore, Hong Kong and London. Arrangers for the $500 million Reg-S issue were Deutsche Bank, HSBC and Standard Chartered, which secured a total order book of $6.5 billion from 275 investor accounts.
The issue pays a coupon of 4.75% and was re-offered at 99.692 to yield 4.82% to a maturity date of January 22, 2015. The price equalled a spread of 205bp over mid-swaps, or 233bp over the yield of the five-year benchmark US Treasury.
Written into the term sheet was an event of default EOD clause, which will be triggered if the Indian...
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