Government owned refining and marketing firm Indian Oil has successfully issued bonds worth Singapore dollars (SGD) 400 million becoming the first Indian corporate to price bond in the currency.
It had earlier issued bonds denominated in USD in the international markets and the 10 year SGD 400 million bond issue has become a landmark deal adding diversity to Indian Oil's debt portfolio, said a company statement.
P K Goyal director (Finance), Indian Oil said that considering the overwhelming response from investors and substantially oversubscribed book, the issue size was increased to SGD 400 million from the originally planned SGD 300 million.
“This benchmark deal has achieved many milestones, being the largest SGD offering by any foreign corporate issuer this year, the largest ever SGD issuance by an Indian issuer and the longest tenor senior note in SGD market by a foreign issuer this year”, he said.
The overwhelming response to IndianOil's SGD bonds has not only reconfirmed the confidence of international investors in the credit credentials of the company but has also paved the way for other Indian corporates to tap Singapore market for their long term financing needs, the statement said.
