IOC to issue foreign currency bonds worth $500 million in the international market

State-owned Indian Oil Corporation (IOC) is in the process of issuing foreign currency bonds in the international market to the extent of $500 million to finance its capital expenditure. The tenor of the bonds is 10 years with the coupon rate of 5.625% per annum payable semi-annually. The bonds would be listed on the Singapore Stock Exchange. The bonds have been rated as 'Baa3' by Moody's and 'BBB-' by Fitch, which denote 'Investment' grade.

IOC is the country's biggest fuel refiner and retailer with crude processing capacity of 1.314 million barrels per day.