ONGC Videsh, the overseas arm of India's biggest oil-and-gas explorer ONGC, issued a dual-tranche bond on Tuesday after average spreads on the country's US dollar-denominated bonds hit the lowest level in almost a year.
The Reg S sale is the state-owned oil company's first international bond offering in more than two years, raising $1 billion from a five-and-a-half year bond and a 10-year bond.
Despite scarcity of new supply from Indian corporates, the company, rated Baa2BBB- by Moody's and SP, paid virtually no new issue premium for the issue, highlighting its persistent stringent cost control.
Orders exceeded $3 billion at...
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