State-owned Indian Oil Corporation (IOC) has raised $500 million by selling 10-year dollar-denominated bonds. The senior unsecured bonds were priced at 3.224% points over comparable US Treasuries and the paper carries a coupon of 5.75%.
The company received bids for around $3.5 billion from over 400 investors, comprising 64% from fund managers, 17% from banks, 11% from insurance and sovereign wealth funds and 8% from private banks.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.