Indian Oil prices through fair value after 24bp premium fires up race for investor orders
Indian Oil Corp was awarded a large order book that allowed it to price its $500m 10 year bond below fair value this week, despite Asia’s bond markets still being in recovery mode.
It was not all plain sailing, though. The leads spent two hours convincing the issuer that Tuesday was a good time to price even though it seemed unlikely it would be able to achieve its coupon target of below 5.75%, said a banker on the deal.
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