ONGC lines up SMBC for loan as competition heats up
Indian state-owned company Oil and Natural Gas Corp is set to hire Sumitomo Mitsui Banking Corp to lead a $200m to $300m loan after the bank pitched a pricing level that rivals said fell well below proposals from its competitors.
The Japanese bank is believed to have won the mandate after offering a margin of around 145bp over Libor for a three year loan, while other banks submitted pricing proposals around 55bp higher at 200bp.
The low pricing that SMBC has offered has led some banks to assume
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