Indian Oil raises $400 mn through Singapore bonds

Indian Oil Corporation (IOC) has raised $400 million ($326 million) selling 10-year bonds denominated in Singapore dollars.

The bonds were carrying a coupon rate of 4.10 per cent. The coupon offered by IOC is the lowest for a foreign currency bond issuer by any public company in the long tenor bonds category.

The bonds have been subscribed by Asian investors, with 75 per cent of the orders coming from Singapore, the company said.

"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," said P.K. Goyal, director, finance, Indian Oil.

Till date IDBI Bank, EXIM Bank and IOC are some of the Indian companies to have accessed the Singapore dollar market.