Indian Oil Corp nails timing for dollar bond, but fears remain
Indian Oil Corp braved the dollar bond market this week, snatching a brief window of opportunity that allowed the company to overcome investors’ continuing fears over problems in Europe and the US. Bankers are now hoping for a smooth end to US debt ceiling negotiations in time for the August 2 deadline, which could lead to a resurgence of bond issuance next week.
Bookrunners BNP Paribas, Citi and Royal Bank of Scotland priced the $500m 10 year bond on Monday at 275bp over Treasuries, at the tight end of 275bp-285bp spread guidance.
The three leads managed to execute the deal within a day, surprising some bankers who thought a lack of
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