Energy firm HPCL-Mittal establishes curve with 10yr
India’s HPCL-Mittal Energy (HMEL) took centre stage on Monday, selling the only international bond from Asia ex-Japan. The 4x covered deal benefited from support from state-owned HPCL, with the bonds trading up by 50 cents in the secondary market.
For its dollar debut, the Indian issuer opted for a 10 year.
“This matches their funding requirement. These oil and gas companies tend to fund longer, and the proceeds are for refinancing,” said a syndicate banker on the deal.On Monday morning at the market open, joint global ...